Hey wolf, do you have any experience with trusts at all? I'm curious about a couple things. Do you have to have a beneficiary right off the bat? I'm only 24, so no kids or anything yet. I wouldn't have a clue to list as my beneficiary other than my fiancé, but she's gonna be one of the trustees. Also, I have a good buddy of mine who does all my custom paint jobs, so should I include him in the trust if I were to be having him paint my suppressors and what not? Cause I'll probably have to leave them with him if I did.
I've been doing my research into them, because I'm getting to the point where my estate would make this a viable option. From what I have uncovered, yes, you would need to have a beneficiary right off the bat. For that is the reason one gets a trust to begin with, to make sure that a beneficiary receives goods/services/monies directly upon your death. You will also have to have a trustee (it can be you, but is good to have someone else legally be able to look over the trust in times of your death).
I've even heard of people creating a trust for the un-born children. I know their is a time limit for that, so you would need to look into it.
The question I would ask you (or you should ask yourself) is what of yours do you wish to be made available directly to whom? You should be able to answer the
what and the
to whom before setting up the trust.
Concerning your fiancee, I believe you guys can be co-trustees and co-beneficiaries to one another, but I would look into that first.
The other thing you can do is establish a LLC that is owned by you and then have that corporation be the trustee of your holdings and then select yourselves as the beneficiaries. Trust me, there are so many rather creative things that can be done with trusts and I'm just scratching at the surface. I have a friend of mine that has done this, so no one can take his house. The LLC owns the house through the trust. I know I don't have all the details for that, but he has it so ALL of his holdings are managed by the trust whose trustee is the corporation.
Definitely do your homework and when you are ready to do this correctly, I wouldn't do an online legal document, I'd get a lawyer and let them know what you want to do, so it is done correctly.
As far as the suppressors are concerned, being that they are a Class III weapon, I would assume the trust would have to hold on to them until the rightful beneficiary could legally take possession of them, but then you would have to have a trustee that could own them. This would be a very tricky thing to do... get a lawyer involved who understands Class III weapons. Since the Class III weapon is yours and the only way someone can take possession is to go through the ATF with $200 and a six-month background check, these things might have to be done prior to the trust being made. I do not know. You actually have me completely stumped on this one and very curious. The question I have now, is a trust a way to circumvent the Class III requirements? I have no experience in this, nor do I know what would happen to your Class III weapons upon your death. It would seem to me the Feds would be knocking at your door.
I hope I helped somewhat. If you find out about the Class III weapons, please share with us all.
