Question about trusts

Yes, it can be legal to make a silencer. For everything Form-1, from silencer designs that are easily made, to filing forms with the BATF, to 3D modeling. Remember, you must have an approved BATF Form-1 to make a silencer. All NFA laws apply.

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Rickroy25
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Joined: Sat Feb 07, 2015 6:06 pm

Question about trusts

Post by Rickroy25 »

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
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chrismartin
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Re: Question about trusts

Post by chrismartin »

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
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)?

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.
Rickroy25
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Joined: Sat Feb 07, 2015 6:06 pm

Re: Question about trusts

Post by Rickroy25 »

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?
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chrismartin
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Re: Question about trusts

Post by chrismartin »

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?
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.
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.
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