I have reviewed many self created trusts from Willmaker (Quicken) and Legal Zoom.
The most common problems include
1) forgetting to date the document
2) listing yourself as the beneficiary
3) copying a trust online or from a friend and using a trust for a different state other than the one you live in; and
4) forgetting signatures in the witness and notary sections
Many trusts are valid but do not accomplish what the individuals were trying to do when creating them (other than purchase the NFA firearms). A NFA Trust or other type of trust is a very powerful document and can be used to help your and your family deal with unforeseen circumstances such as disability or death.
Although we will all die, we do not know when or who will survive us. What we do know is that a family member or friend will be the person who steps forward to help us deal with these issues. The last thing any of us would want is to have that unsuspecting person deal with a quicken trust which gives them no guidance on what is proper or what they should do to properly deal with the NFA or other firearms in the trust. Most of us reading this board know that there are special issues with silencers and their transfer and even how to identify them.
Lets say you have a SBR sitting next to an AR15. Your unsuspecting relative or friend would probably take more precautions with the AR15 than with a SBR.
Another common problem with Quicken trusts is that they end 5 days after your death. Once the trust ends, the trustee does not exist and there is no one authorized to be in possession of the firearm. Unlike an individual transfer, where there is an exception for a Personal representative, there is no exception for an item inside a trust or corporation
This is only one of the problems with a generic trust.
If you use a generic trust please take the time to properly identify and advise those people in the future (who cannot be identified at this time) with the information they will need to keep themselves and others in your family out of trouble because of an improper transfer, possession of a title II firearm, or early termination of the trust.
sgtmajor wrote:
i would be very interested in knowing what part is incorrect.