Why have a middleman when you can just make a will indicating that you want your guns and whatever else you want to give your son to go to him when you die? I have one, my husband have one and we are happy with it.
Why have a middleman when you can just make a will indicating that you want your guns and whatever else you want to give your son to go to him when you die? I have one, my husband have one and we are happy with it.
I am just very careful about "trusts" or "entrusting" someone to distribute YOUR property so your relative can get it when a simple Will will do. It is not my experience but the experience of a friend of ours way in Reno.I know, seems like a no brainer but having said that I wonder what the primary diff is between willing and entrusting? OK, google, here I come!
NFA items are generally required to be registered to an individual. With a NFA trust, the items are registered to the trust. This way, whoever is on the trust will be legally able to possess and use the registered NFA items. This also simplifies matters when one party on the trust passes, as the trust will continue as long as the trustees are alive and well.
Under the conventional ownership structure, father goes through the process and acquires a bunch of NFA items. Father passes, and has the items willed to his son. The son would then need to go through the qualification process to become licensed to take ownership of the NFA items. This may also include having to get another tax stamp from the Federal Government for each NFA item. The process could take several months.
What a NFA trust does is simplify ownership and facilitate transfer when the need arises.
Are those listed in the trust cleared thru the BATF? Some issues could come up not sure what. Any special considerations that need to be taken into account?
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