Hi Guys
I'm glad I found this site lots of info but what I need to know is I set up a revocable living family trust a year ago and was wondering if that trust is as usable as a NFA gun trust ?? I've got differing answers some say no it's not same and others have said yes you can , if not has anyone used a online trust like ( guntrustdepot.com) it's kinda cheap but if it works hey.
Thanks for any advise
Question about trusts
- chrismartin
- Silencertalk Goon Squad
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Re: Question about trusts
A trust is a trust is a trust. Any old trust can hold NFA items. HOWEVER, the nature of NFA can make things sticky when odd things happen. For example, what happens when one of your trustees or beneficiaries becomes a prohibited person (i.e. felon)?Rickroy25 wrote:Hi Guys
I'm glad I found this site lots of info but what I need to know is I set up a revocable living family trust a year ago and was wondering if that trust is as usable as a NFA gun trust ?? I've got differing answers some say no it's not same and others have said yes you can , if not has anyone used a online trust like ( guntrustdepot.com) it's kinda cheap but if it works hey.
Thanks for any advise
Does your existing trust have anything in it to tell the trustees/grantors what to do in that situation?
Does your existing trust contain any instructions to future trustees on what to do or how to sell/remove NFA items from the trust?
etc.
So, a good, targeted NFA trust can be very helpful for your heirs in the future. However, it's not required. There are plenty of good lawyers out there that can whip out an NFA trust from their templates for a small amount of money and those are the people you should ask. It may also be that you could add that type of NFA related verbiage to your existing trust to cover NFA items.
So, it's up to you how you want to deal with those questions. When I started NFA collecting, the way to do it was "WillMaker" which had no NFA verbiage at all. Now, with "gun trust lawyers" selling their boiler plate templates to lawyers in all 50 states, I'd go that route today. It would cost a little more, but I've seen what they put out, and to future beneficiaries, it would be very helpful.
Re: Question about trusts
Thanks Chrismartin
Defiantly some points to think about I think I'll be calling the lawyer who set it up and ask about adding some verbage to the existing trust !! , also if a trustee is on the trust (daughter)who's under age could that be a problem?
Defiantly some points to think about I think I'll be calling the lawyer who set it up and ask about adding some verbage to the existing trust !! , also if a trustee is on the trust (daughter)who's under age could that be a problem?
- chrismartin
- Silencertalk Goon Squad
- Posts: 4226
- Joined: Sun Mar 12, 2006 7:18 pm
- Location: Tidewater, VA
Re: Question about trusts
If he is not familiar with NFA trusts, put him in contact with http://www.guntrustlawyer.com or any of the other big NFA trust guys you can find. They can get all lawyery and what not and get the templates from them.Rickroy25 wrote:Thanks Chrismartin
Defiantly some points to think about I think I'll be calling the lawyer who set it up and ask about adding some verbage to the existing trust !! , also if a trustee is on the trust (daughter)who's under age could that be a problem?
Then make sure you discuss the pro's and con's with NFA/gun items in your existing trust. It may make sense if your trust property distribution is the same, it may not make sense if your gun stuff goes to other people.