Would you go individual or trust in this situation?

[Bret]

Single shot trust is the way.

Please elaborate as to why.

[sproc]

Please elaborate as to why.

Probably for the reasons previously stated by lonestardiver, zombiescometh and georgelib. They are all talking about “single-shot trusts”, ie a trust with only one NFA item and one initial person (you). Once approved, additional people (family etc) can be added merely by getting their notarized signature.

https://www.silencershop.com/blog/po...gle-shot-trust

[BrigandTwoFour]

Thanks for the input, all. As far as I know, the one-shot trust isn't really an option because I'm mostly buying locally and the one-shot seems specific to Silencer Shop.

I've been going back and forth on it, and I'm inclined to agree with Waylander that I don't really want to engrave my name on the gun. The trust route does keep things simple in the future with a larger collection that the trust owns. I did verify with a lawyer that I can identify the beneficiary of a trust as another trust, which greatly simplifies the whole "what happens if I die" process.

[mig1nc]

Thanks for the input, all. As far as I know, the one-shot trust isn't really an option because I'm mostly buying locally and the one-shot seems specific to Silencer Shop.

I've been going back and forth on it, and I'm inclined to agree with Waylander that I don't really want to engrave my name on the gun. The trust route does keep things simple in the future with a larger collection that the trust owns. I did verify with a lawyer that I can identify the beneficiary of a trust as another trust, which greatly simplifies the whole "what happens if I die" process.

Single shot trust isn't just a product or brand. It is that. But it's the idea as suggested above to isolate your purchases to dedicated trusts.


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[Bret]

Keep in mind that transfers to family members are free if you die and you can use a will to dictate what happens to your NFA items.

[Bret]

While I was on the phone today with a representative from Capitol Armory walking through the paperwork for a suppressor, I asked her what the individual to trust ratio was based on her experience. She said that it varies. It was that about 70% were trusts, but more recently people have figured out that individual approvals are going faster, so it has flipped.

[sndt1319]

I’ve considered setting up a trust with my BIL so that we can split the costs and be able to share items. I also like the idea that if my job took me somewhere with no NFA items I could leave it with him. I also don’t want to have a separate safe for just the NFA stuff as my wife needs access to the main safe.

[BrigandTwoFour]

While I was on the phone today with a representative from Capitol Armory walking through the paperwork for a suppressor, I asked her what the individual to trust ratio was based on her experience. She said that it varies. It was that about 70% were trusts, but more recently people have figured out that individual approvals are going faster, so it has flipped.

I've been hearing that, but haven't seen any data showing the difference between individual or trust submissions. With he recent hoopla round eForms going up and down, I'm not sure what to make of it.

[georgeib]

While I was on the phone today with a representative from Capitol Armory walking through the paperwork for a suppressor, I asked her what the individual to trust ratio was based on her experience. She said that it varies. It was that about 70% were trusts, but more recently people have figured out that individual approvals are going faster, so it has flipped.

FWIW, my understanding for the reason trust approvals take longer is that people will have multiple on their trusts requiring multiple background checks. If you do a trust with just a single person, they take the same amount of time. Additional people can be added to the trust after approval with no issues, and no additional waiting.

[Bret]

Additional people can be added to the trust after approval with no issues, and no additional waiting.

If you want to add another NFA item to the trust at a later date, would they all have to go through the background check for the new item?