Filing individual vs trust and Why

[oksooner96]

Hello everyone, first post on the site.

I've been doing research on filing ATF form 1 and filing individual vs a gun trust. I'm leaning toward individual. Would love to hear from you guys if you chose individual or a gun trust and why. Thanks!

 

[mr ed]

Individual is good enough for most people. You die and the heirs can transfer it tax free on a form 5 People talk about putting others on a trust, but would you really do that? You are ultimately responsible for what happens to that item, not the bone head that borrows it and then does something stupid. Especially if they didn't pass the background check.

 

[jackary]

The way I understand it is that if filed as an individual heirs have to pay their own $200 to transfer it to them

 

[tynyphil]

I did the trust thing originally because it was significantly faster. I don't know if that's the case anymore with the potential of filing electronically.

 

[CutBaitNBlowSh*tUp4ALivin]

If you have kids or a wife, the trust enables the wife to legally have access to your safe, and for your kids to easily inherit them when you pass on, if they're old enough. If you have no one, you don't need a trust.
If you DON'T have a safe, and you have anyone living at home with you, a trust will be cheaper than buying a safe, but both would be smarter.

 

[dlbleak]

I named my wife and kids as trustees in my gun trust. At the time it was faster. I also think it’s easier to add more items/people as needed? Someone might correct me there if needed. I’m thinking about a 45 can in the near future.

 

[tynyphil]

I just purchased a 45 can ( still waiting on ATF ) but Silencer Central said doing a second trust was just as easy if not easier than adding to an existing. You can have any number of trusts so they said. Purchased 9/10/22....trust, fingerprints, etc completed and filed electronically 10/10/22......still waiting

 

[CAR-AR-M16]

The way I understand it is that if filed as an individual heirs have to pay their own $200 to transfer it to them

No, it transfers tax free on an ATF Form 5 as was already mentioned. Read about it here:
https://www.atf.gov/firearms/docs/t...earms-act-firearms-decedents-estates/download

 

[thor447]

No one else in my family gives a crap, so I went individual on mine.

 

[OKCHunter]

I just purchased a 45 can ( still waiting on ATF ) but Silencer Central said doing a second trust was just as easy if not easier than adding to an existing. You can have any number of trusts so they said. Purchased 9/10/22....trust, fingerprints, etc completed and filed electronically 10/10/22......still waiting

I'm curious as to why you would want more than one trust? I built an SBR under my trust and later added suppressors to the trust. As others have said, my wife is on the trust because she has access to the safe. I'll add family members in the future to pass the items to when the time comes.