A few Trust Questions

[Razorhunter]

I would like to be sure about the following questions pertaining to preparing a Trust.
The questions the lawyer sent me, are on top, and my concerns with each are listed down below as well:


Here is the email the lawyer sent me, which he wants me to fill out.


Lawyer's email to me:

"The info I need to draft the trust is:

1. Your full name (as grantor and 1st trustee)
the full names of
2. a second trustee
3. a beneficiary
4-6.three people not previously named to be a committee to remove trustees for malfeasance
7. one item of non-titled real property (i.e. my first edition of the Hunt for Red October by Tom Clancy)
8. the county of your residence."



HERE ARE MY QUESTIONS pertaining to the above email from the lawyer:

1. No questions this is easy
2. SECOND TRUSTEE: How about my oldest brother?
3. BENEFICIARY: How about my youngest brother? (note: Both of my brothers are adults)

4, 5, and 6: I have NO idea what these three blanks mean???? How do I choose?

7. Again, I have NO idea what this means?????

8. No question, this is easy.


Could someone help me get #'s 2, 3, 4, 5, 6, and 7 filled out please?
I am just unclear on how to choose people for the above items, and I don't want to just start throwing names around without knowing HOW to choose people for the above choices.
Thanks guys.

[LOKNLOD]

I'm assuming you're not married?

My wife is the second trustee. That way she's fully legal to be in possession of the goods without me present. I don't think you *have* to have a second trustee, but you could ask him specifically about this.

I put my younger sister as my beneficiary. It's unlikely that if something happened to both me and my wife, she would be involved, and she's not likely to die before us either (like a parent).

The 3 committee people, think of them like a board to agree to remove a trustee if it were ever required. I think I used my mom and dad, and my father in law.

I believe the item of property, is the item you want to hold in the trust. The gun, in this case.

In any case, I wouldn't hesitate to email him back with your questions and if there is any advice about who to choose for trustees, beneficiaries, committee members, etc. That's what he's there for and he may have insights as to who may make a wise or poor choice. You're not paying him for his exquisite typing skills ;)

[Razorhunter]

Yes, you are correct. I'm single. If I were married, I damn sure wouldn't have firearm money.
Anyhow, thanks for confirming these things for me. I still want to make sure that you are correct about #7. I suppose that damn "Tom Clancy Book" remark he made threw me off a bit, since this guy knows I'm doing an NFA trust. (he's a lawyer and member on another gun forum).
Anyhow, the reason I'm asking these questions here, is because even though this guy is a lawyer, he does these Trusts for people for a very low rate, and I just kind of get the feeling that it's expected that you must already have your ducks in a row. I don't want to load him down with tons of questions, and make him regret helping me out.
Besides, it's just easier to get help from you guys on matters such as this.
I'm not here to ask a bunch of legal questions. Just trying to be clear on what the above questions are asking me, and/or HOW to choose people for the certain choices.
Can anyone confirm LOKNLOAD is correct about all of the above? (especially #7)?

[RojasTKD]

1. Your full name = easy

2. a second trustee = If not really needed, unless you want someone as also as trustee. That means they have a legal right to the items in the trust and a the funds should you sell such item. Personally I wouldn't have a co-trustee.

3. a beneficiary = Who you want to get you trust item in the even of you death.

4-6. Three people not previously named to be a committee to remove trustees for malfeasance = Three people that could decide the trustee (you or your beneficiary) can no longer manage the trust for some reason (mental illness for example).

7. One item of non-titled real property = NFA item, The lower you intend to SBR for example.

8. The county of your residence. = We like guns Co., USA

[Razorhunter]

Thanks for confirming for me Rojas. I've never done a Trust personally, so that is helpful my friend.

[Stranger45]

Razorhunter, hope you don't mind if I piggyback on here?

Rojas, LOKNLOD's, or anyone,

Questions 4-6, do I have to name three people, or can I use this,

"The power to revoke or amend this trust is personal to the grantor. A conservator, guardian or other person shall not exercise it on behalf of the grantor, unless the grantor specifically grants a power to revoke or amend this trust in a Durable Power of Attorney".

Thanks,

[Fireglock]

Razorhunter, hope you don't mind if I piggyback on here?

Rojas, LOKNLOD's, or anyone,

Questions 4-6, do I have to name three people, or can I use this,

"The power to revoke or amend this trust is personal to the grantor. A conservator, guardian or other person shall not exercise it on behalf of the grantor, unless the grantor specifically grants a power to revoke or amend this trust in a Durable Power of Attorney".

Thanks,

I believe you'll find that you would want to list folks who you trust implicitly, this is in place to remove you as trustee should you become incapable (incompetent?) to handle the affairs of the trust. At least that's how I read it for a trust in Florida.

[Stranger45]

Thanks for your response, but would a Power of Attorney not do the same thing, if you have you have a Power of Attorney/Will for everything else?

I don’t know anything about this, just asking.

[Fireglock]

Thanks for your response, but would a Power of Attorney not do the same thing, if you have you have a Power of Attorney/Will for everything else?

I don’t know anything about this, just asking.

Sorry, I don't have a clue, I'm just going by what my trust says .

[civilian]

Somewhat of a threadjack, but I'm getting ready to do the Trust (and for that matter SBR thing) for the first time. Understand that you must now submit copies of the entire Trust with your form? Assume this means the full trust property list as well?

[RojasTKD]

Somewhat of a threadjack, but I'm getting ready to do the Trust (and for that matter SBR thing) for the first time. Understand that you must now submit copies of the entire Trust with your form? Assume this means the full trust property list as well?

That may be requested by you particular examiner.

My trust only contains NFA items (one SBR at the moment), as they are registered items anyway it make no difference.