Why a Trust

[Colt4530]

What benefit is a trust re NFA items?

[Esko 270]

You can add more than one person to a trust such as family members and Friends. It should also make it somewhat easier when you pass away for whoever has to deal with your NFA items. This is just my opinion. John Wells is a member of TGO and did my trust. He would be the man to talk to.

[Tigrett]

I did a trust before a background check was required for a trust. Now it's still worth the effort for my wife to able to handle the items in the trust. For instance if I left a registered device in my car and my wife drove it she could be charged with a crime and jail time for being in possession of the items. Probably wouldn't happen but I dont want Barney Fife making that call at a traffic stop either.

[TerminalLcpl88]

There are two main advantages to having a trust. The first being, you can allow multiple people (i.e. family members, friends, etc.) to use your NFA item with out you being present, as long as they are listed as a responsible person on the trust and are of legal age.  The second advantage is that if you are to pass away, your NFA item will not have to be sent to the ATF. Who ever is on your trust can still be in possession of the item. 

[jeff43]

What does it usually cost to get a trust?

[Alleycat72]

30 minutes ago, TerminalLcpl88 said:

There are two main advantages to having a trust. The first being, you can allow multiple people (i.e. family members, friends, etc.) to use your NFA item with out you being present, as long as they are listed as a responsible person on the trust and are of legal age.  The second advantage is that if you are to pass away, your NFA item will not have to be sent to the ATF. Who ever is on your trust can still be in possession of the item. 

You don't send them to the ATF anyway. ATF does a tax free transfer to whoever you left it to in the will. 

[Alleycat72]

You can do a corporation also.

[TerminalLcpl88]

1 hour ago, alleycat72 said:

You don't send them to the ATF anyway. ATF does a tax free transfer to whoever you left it to in the will. 

True, I got sidetracked and didn't post a full in depth post (wife was calling me to dinner and a fat boy's gotta eat). I meant that under a trust, If set up correctly, you can elect to have your trust stay in existence after your death. This would allow for the trustee/beneficiaries of your trust to continue the use/possession of the NFA item after your death with out the transfer requirements. This option works for those with no will or heirs, in which case the item normally would then have to be forfeited to the ATF for disposal.

[Alleycat72]

7 minutes ago, TerminalLcpl88 said:

True, I got sidetracked and didn't post a full in depth post (wife was calling me to dinner and a fat boy's gotta eat). I meant that under a trust, If set up correctly, you can elect to have your trust stay in existence after your death. This would allow for the trustee/beneficiaries of your trust to continue the use/possession of the NFA item after your death with out the transfer requirements. This option works for those with no will or heirs, in which case the item normally would then have to be forfeited to the ATF for disposal.

If you file as an individual and die the ATF will do a form 5 tax free transfer to your heir. It doesn't have to be a trust.