Suppressors has anyone used a revocable trust as a gun trust?

[bullseye13]

I am in the process of getting a revocable trust setup. As an after thought, can it be used the same as a gun trust? The trust will own the firearms instead of an individual, and that is the important part right? Sorry if this has been covered, but I couldn't find this question being asked, I need to shit or get off the pot with getting this or a gun trust setup because our local LEO is not keen on suppressors.

 

[Conrad101st]

You can use any entity that you want assuming that you have control of it.
I hold some weapons and other premarital assets in my revocable trust.

 

[karb]

Best kind if you ask me. Your able to change who's who, and hand it off in the future.

 

[Cvarney]

I'm pretty sure my trust is a revocable living trust. I'm not to keep on the whole trust/corporation legal issues but I'm thinking the lawyer wrote it as such.

 

[rw496]

I used the Quicken revocable living trust worked fine

 

[Killer Spade 13]

+1 on what rw496 said.

 

[Wyldeman]

I used my revocable trust for last 3 NFA items, which all were received on Friday. It took 10 months from the day check was cashed. So, yes they work completely fine for gun trusts.

 

[bullseye13]

Thanks guys for the replies. That is great to hear. I like the idea of being able to change beneficiaries, and having the trust live 21 years after the last beneficiaries passing.
Is there any special wording or suggestions on what I should be having written in there reguarding the firearms? The law firm I am dealing with specializes in trusts, but the para legal I have been talking to didn't know anything about gun trusts.

Thanks again for the help.

 

[KYS]

Not to open this can of worms again but this is highly debated. Most lawyer will warn you of using a trust like Quicken to obtain firearms. They are not language specific to trusts regarding firearms and lack the definitions that safe guard your family should you pass away.
The biggest hurdles are when you pass it on to the next in line, Quicken is not written with intent of owning guns. It's very tricky and not something I want my family to worry about should I die. I would really sit down and consult with a lawyer about what your best option is for getting a trust to be used in obtaining Class 3 items.

 

[Helidriver]

Not to open this can of worms again but this is highly debated. Most lawyer will warn you of using a trust like Quicken to obtain firearms. They are not language specific to trusts regarding firearms and lack the definitions that safe guard your family should you pass away.
The biggest hurdles are when you pass it on to the next in line, Quicken is not written with intent of owning guns. It's very tricky and not something I want my family to worry about should I die. I would really sit down and consult with a lawyer about what your best option is for getting a trust to be used in obtaining Class 3 items.

I agree. I have a revocable trust that was written specifically to hold firearms and the language is very specific.

 

[bullseye13]

Thats what i am afraid of too. I will talk to the lawyer to make sure this is written properly in regards to class 3 stuff. KYS or Helidriver, when you sat down with your lawyer, did he/she give you any insight into what wording needs to be included, or any gray areas that extra consideration need to be given too to make it water tight?

 

[cheshier2]

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[gasdoc09]

I agree. I have a revocable trust that was written specifically to hold firearms and the language is very specific.

As do I.

It makes no sense to cheap out on the Trust paperwork to save a couple hundred bucks, when you're paying a $200 tax per item on what are likely to be lifetime purchases.

It's not even penny wise, just pound foolish.

 

[TexasGunTrustLawyer]

You can use any revocable trust as a gun trust.

The gun, firearms, or NFA trust differs from a normal estate trust by having language that deals with firearms specific issues and national firearms act specific issues.

I.e. What happens if someone on the trust becomes a prohibited person? Trusts merge?

There is a separation of liability issue to having some assets In one trust and firearms in another, but most people do not understand the actual protection that a trust provides and what tort protection it does not provide.

A firearms trust is also more limited in scope than an estate trust.

I often get asked about the quicken trusts, legal zoom trusts, etc. These can work. I have friends who have done them and have numerous transfers onto them. If set up right, they work well enough. Of course, if you have a question, you end up calling me or another firearms lawyer to answer the questions.

The free internet trusts have the issue of whether they are correct in the first place.

Now lawyer trusts, are generally more expensive than the internet trusts. But they can be more complicated and, in my case, you can call and ask questions about the NFA, firearms law or other trust issues.

So that is the basic. It's a free country. You pay your money, you make your choice.