Thinking of setting up a Firearm Trust, as i'm not getting any younger and help my wife with my estate to make things easier when I'm past on so my question is does onyone on this form have a firearm trust.
And if so how was it to set up.
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Thinking of setting up a Firearm Trust, as i'm not getting any younger and help my wife with my estate to make things easier when I'm past on so my question is does onyone on this form have a firearm trust.
And if so how was it to set up.
.Quote:
Originally Posted by Balljoint
There are only two types of property. Real property meaning real estate, and personal property.
All assets other than real estate fall under the personal property category.
Any person having assets but no will or trust has in essence appointed the state to handle their estate.
A lawyer (who specializes) in wills and trusts would be the best person to contact.
Usually not among those found on billboards along rt 95.
It might be worth checking on local shooting fora like PAFOA to find recommendations for a lawyer in your state. Even if there isn't one with an office down the street, you may be able to get it done via mail. That's how I got my NFA trust set up.
Gun trust lawyer. Info on their site ot just ask when you callQuote:
Originally Posted by Balljoint
OK what is a NFA Trust,just for FFL 3 stuff
If you only have regular firearms and no NFA items, there's not much benefit for a separate trust. You really just need some standard estate planning.Quote:
Originally Posted by Balljoint
All the trust does is creates a legal entity may own property, real or personal.
A NFA trust is just a regular trust that has some specific language regarding NFA specific items. The language is not mandatory, many people have used Quicken Willmaker to make a NFA trust.
Many people use a NFA trust to bypass LEO approval process for NFA items. NFA trust also identify trustees that can possess the NFA restricted items. It also identifies the beneficiary of the trust upon the trustor's passing.
I had a lawyer in my state draft my trust. He has experience in estate planning as well as in NFA trusts. It was a simple question and answer session. It was mostly name and address information about me, the trustee's, and beneficiaries. Wrote a check for $200. He emailed me a pdf a couple days later. Had it notarized the next day. Done.
They do both typesQuote:
Originally Posted by Balljoint
Ten thousand dollars worth of anything might cause some hard feelings but thats about all.
As a rule people either get over that or they dont. And you wont be around to hear about it anyway.
On the other hand a large amount is far more likely to be challenged.
Only you know the real value. So getting it done might mean having it undone if not done properly.