[ARCHIVED THREAD] - Simple question about a trust....

Posted: 3/24/2007 6:06:43 PM EDT

We've all read the benefit of a trust (no signoff, no fingerprint cards, faster process)

But what are the downsides? I don't think I'd having a problem getting the sherriff to sign off but it is time consuming for me to get fingerprint cards and such.

Are there any downsides to going the trust route? Is there extra things to be aware of to keep the trust going? Does a trust expire or anything like that? Any reason I should not go the trust route?

Posted: 3/24/2007 6:23:17 PM EDT

[#1]

And with a trust, can't you change/update executioners on it? So lets say I have a NFA item in a trust. I want to sell that item to a friend/relative who I know can legally own said item, can I just update the trust to include them?

Posted: 3/24/2007 6:34:34 PM EDT

[#2]

yes, a trust will expire when you die, or if you revoke the trust. I can't think of any downsides really. I thought the trust route was much easier.

Posted: 3/24/2007 8:39:05 PM EDT

[#3]

Are there any downsides to going the trust route?

A trust can't get an FFL (e.g., a C&R). This could be an issue if you were moving to Missouri, for example.

Posted: 3/24/2007 8:42:40 PM EDT

[#4]

And with a trust, can't you change/update executioners on it?

You can can update the beneficiaries and the successor trustee.

So lets say I have a NFA item in a trust. I want to sell that item to a friend/relative who I know can legally own said item, can I just update the trust to include them?

IANAL, but this is a question for a trust attorney.

[ARCHIVED THREAD] - Simple question about a trust....

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[ARCHIVED THREAD] - Simple question about a trust....

[ARCHIVED THREAD] - Simple question about a trust....