Individuals who violate the NFA act may be subject to substantial fines, criminal charges, and forfeiture of their weapons.
A prepared gun trust is a revocable living trust, which is a trust created during your lifetime, which you can revoke or amend whenever you wish. A living trust has a Trustee(s) (who may be you) who has the responsibility of managing the property transferred to the trust. Upon your death, the Trustee is typically directed to distribute the trust property to the beneficiaries or to continue to hold it and manage it for the benefit of the beneficiaries.
A Successor Trustee is the person named in the revocable trust agreement who will assume control of the trust if the original Trustee(s) dies, or becomes unable or unwilling to act. There can be one or several back-up Trustees to take over the Trust in the order you designate.
A Trustee is a fiduciary. As a fiduciary, the Trustee stands in a position of confidence and trust with respect to the beneficiaries. Trustees must act in the best interests of the beneficiaries, and can be sued by the beneficiaries if they act improperly.