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Advantages of Trust

Discussion in 'NFA & Class III Discussion' started by Uncle_tom79, Mar 11, 2016.

  1. tRidiot

    tRidiot Sharpshooter

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    If it's on a trust it shouldn't have to go through any probate at all.
     
  2. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

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    I was talking about individually owned NFA items and it not being such a big pain as you are making it out to be.
     
  3. tRidiot

    tRidiot Sharpshooter

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    And I was talking about items being on a trust, to not be any pain at all... It's ok. Nevermind, we'll just say you were right about the fee. Good job. You win. Congratulations.
     
  4. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

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    Was not trying to start an argument, win anything or upset you. I apologize if it came across that way. I was just trying to point out the individully owned items are not that hard to transfer to an heir. I helped a local widow lady do this for her late husband's suppressors and it was not difficult at all. If I remember right, the turnaround time for the Form 5 was only 3 weeks. Anyway, since you already have a trust your heirs will have an easy time too. Take care and have a great day.
     
  5. Jwryan84

    Jwryan84 Sharpshooter

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    I have a trust, but I'll differ to CAR and if he says it wasn't difficult, then it wasn't difficult. He's given a lot of good advise on NFA items
     
  6. CAR-AR-M16

    CAR-AR-M16 Sharpshooter

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  7. henschman

    henschman Sharpshooter

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    I am a lawyer who writes NFA trusts.

    Only applications filed after July 1 will be subject to the new Rule 41P and it's requirements of photos, prints, and LEO notification.

    Even after the rule goes into effect, there are benefits to a trust.

    It allows you to let others (friends, family, etc.) to possess the trust items even when you are not present. There is no legal way to do this as an individual.

    A trust also avoids probate upon your death, which can be a lengthy and expensive process, and allows the items to remain under the control of those you choose and trust (your co-trustees), instead of having them lumped into your estate.

    It is true that the new rule requires anyone else on the trust who is allowed to possess the items to submit the same info as you. However, only people who are responsible parties AT THE TIME OF APPLICATION are required to submit this info. My trusts are written to allow you to easily remove all your co-trustees before you submit an application, so that you are the only one who needs to send prints/photos/notification, and then add them back at a later date. My trusts include all the forms to do this, as well as forms to put non-NFA firearms and other property into the trust (on a separate schedule so the ATF doesn't need to know about them), and forms to open a bank account in the name of the trust if you so choose.

    I charge $200 for my trusts. Feel free to contact me with any other questions you have.
     
  8. Jestik

    Jestik Sharpshooter

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    Those of us with a trust currently, who have items processing through the NFA right now....

    Will we have to get "Rule 41P and it's requirements of photos, prints, and LEO notification." on our past/current dealings, or just items/submissions made after July 1st?
     
  9. repete34

    repete34 Sharpshooter

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    not past or current just after July 1
     
  10. rawhide

    rawhide Sharpshooter

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    Any advantage to set up a trust now even if items may not be added until after July 1?
     

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