Free advice needed: Trust vs will?

[dkarp]

Sort of related to my other post on ATF Ruling 41F; my wife has been suggesting we get our "estate" in order in case something happens to one or both of us before our time. We have 2 minor children, but don't really "own" anything that is free and clear, paying on house and both cars, etc...

She has been thinking about a will, but I was wondering if we could accomplish the same thing with a trust, and it would serve my devious purposes for acquiring NFA items...   and save us money vs going with a will and a trust...

Any experiences you can relate?

[RobertH]

Sort of related to my other post on ATF Ruling 41F; my wife has been suggesting we get our "estate" in order in case something happens to one or both of us before our time. We have 2 minor children, but don't really "own" anything that is free and clear, paying on house and both cars, etc...

She has been thinking about a will, but I was wondering if we could accomplish the same thing with a trust, and it would serve my devious purposes for acquiring NFA items...   and save us money vs going with a will and a trust...

Any experiences you can relate?

Heres my take, I'm no lawyer....

Get a will for normal stuff, house, money, etc. Get a trust just for your NFA stuff.

A trust is a document that spells out ownership and beneficiaries should something bad happen. They are similar but not quite the same.

I have a trust for my NFA stuff. My wife and I don't have a will yet, but we will. If I put anything in the will about guns, it will be to follow what the trust says.

If you want devious means about acquiring NFA stuff, you should be the Trustee and everyone else is beneficiaries. Only you can control the items, but only you would need to submit the paperwork and fill out the forms.

But I'm no lawyer, YMMV and this is free advice.

[dkarp]

Guess I worded that badly, just wanting to meet both of our needs (me and the wife's) with one legal document. Maybe a little "trickery" involved on my part. "Hey Honey, I didn't know this but we can use the trust to buy one of those silencer things....."

Oh well, we'll see if the hearing protection act gets anywhere....

[RobertH]

Guess I worded that badly, just wanting to meet both of our needs (me and the wife's) with one legal document. Maybe a little "trickery" involved on my part. "Hey Honey, I didn't know this but we can use the trust to buy one of those silencer things....."

Oh well, we'll see if the hearing protection act gets anywhere....

gotcha.  i chose to keep them separate.

YMMV.

[SemperFiGuy]

You will most likely want to review this kind of issue with a competent trust/wills attorney.

We happen to have a trust, a will, and an estate.   (Everybody has an estate, except maybe homeless folks.)   

The trust is of the irrevocable type; it includes certain financial instruments and investments wherein specific tax benefits and other favorable terms are provided by federal law.   It was written by an attorney; coulda bought some nice firearms for the fee.   The trust is part of the overall estate.

The will provides for disposition of the estate, which includes additional property besides the trust, such as house, cars, household goods, bank accounts, a retirement account which I own and hope to use someday, and other stuff.   Plus a few measly guns.   The will was also written by an attorney; ditto on the firearms/fee alternative possibilities.

It's probably best to use an attorney for these documents instead of some online legal website, like LegalZoom, whatever.   But the documents and legal advice are expensive.   The attorney will tell you how much.   (You could get out of Glocks, CZs, S&Ws and into STIs, Kimbers, etc. for the fee-equivalents.)

FWIW,

sfg
   

[RLMoeller]

I would recommend reaching out to Dick Clark at dickclarklaw.com to discuss.   I agree with RobertH, keep the NFA items separate from other assets.