Trust benefits beyond NFA?

[mattg1024]

Mods, if this doesn't belong here please move/delete. Was going to put in GD but figure more people might have trust insight here.

I want to start a trust. Obviously the NFA wait time is my major factor. My local LEO signs everything I have brought to them so far, no issues whatsoever. What are the other reasons to create a trust that are non-firearm related. I'm trying to validate this with the wife beyond the firearms.

I've read a bunch on it, and quite frankly, my head hurts.

[Judicator]

I'm no trust expert and I'm in the same oat as you. From what I gather is its in simple terms like a will. If you made a trust and I was the 1st trustee, the. You pass away I take control of the trust and all items in it. I'm sure someone will correct me tho


Sent from my IPhone, please ignore spelling mistakes. Siri is dumb.

[domestique]

There are 2 schools of thought with regards to inheritance.

Lawyers on both sides argue pro/anti trust.

I went trust because I wanted to let my family use my NFA items when I wasn't home or if they wanted to go to the range without me. I highly doubt a prosecutor would hassle your wife if she used an SBR to kill an intruder, but dumber things have been argued in court (I.e reloading your own defense bullets makes you a killer etc.).


I live in a pro gun area and most likely wouldn't have a problem with a CLEO sign off. I'm not trying to get one past the system by going the trust route... But just want to let my property be used how I want. Not how the ATF dictates I have to be present and the only one who can have access to my NFA items.

[LoveAR]

I'm no trust expert and I'm in the same oat as you. From what I gather is its in simple terms like a will. If you made a trust and I was the 1st trustee, the. You pass away I take control of the trust and all items in it. I'm sure someone will correct me tho


Sent from my IPhone, please ignore spelling mistakes. Siri is dumb.

As stated above…a trust gives one much more flexibility…my sons are designated as co-trustees. Therefore, they can take the SBR to the range or their friends farm. Otherwise, I would have to be present.

[SteveL]

As I understand it, the original purpose of a trust has to do primarily with estate planning and it works by allowing one person to hold assets/property for another, usually with certain provisions put in place by the person who put the property into the trust. Outside the NFA world I think the most common thing you ever hear about is a trust fund. In this situation a wealthy person will put money in a trust for their children rather than just leaving it for them to inherit. By doing so the Grantor still has control over how and when the assets can be dispersed or used, even after their death. One of the big differences between this type of trust and a typical NFA trust is that in the NFA trust the Grantor appoints him/herself as the trustee, whereas in a "regular" trust these are two different people.

[marZ1]

I too am interested. What else can be done with the trust? Protect assets etc.

[kry226]

I'm sure someone more law-proficient may come along and clarify or correct, but a lawyer also explained it to me as an extra layer of protection from liability. For example, if something is done negligently with an item the trust owns, and harm is caused, only the trust itself is liable. I am sure there are state-to-state variances and I am in no way trying to say that there aren't other penalties or personal culpability that can be placed on a trustee, but a certain amount of protect does exist. YMMV.