Revocable Living Trust

[SquatchWorks]

Here is the outcome:

 

[Benny503]

Iansstud,
sorry i asked anyone from oregon tried this. You cant shoot suppressor in Wa, I will take that gemtech off your hand $200 plus $200 for my stamp nice suppressor i am drooling!!!

 

[seattlewingsfan]

some say laws are made to be broken.... and others work at correcting the law that should never have existed anyway.

Anyway, in following up and trying to judge how busy legislature is right now I came accross this.

Bill Summary

has anyone that is a lawyer read through to see if any of the changes could affect us? I skimed but INAL

 

[USMC0811]

Here is the outcome:

did you use the same form? and at which ffl might i ask? i'm looking for an aac ti-rant.

 

[chase]

Has anyone used this trust, on this thread for Oregon? Thanks

 

[fastkatanaboy]

Anyone with Oregon NFA Trust experience or referrals t a Oregon lawyer??

Thanks!

 

[T28turbos]

GUNTRUSTLAWYER.com can do it for 600 or so! its alot but its done right!

 

[Stomper]

I just adjusted this document for Oregon.. that is changed where it said "Washington" to "Oregon". I'm going to get the Public Notary gal at work to stamp it off for me and get this NFA ball a rollin' for my Draco-C that I want to SBR!!

 

[Gunner3456]

The only problem I have (and I'm not a lawyer) with the trust in the OP is that it doesn't name successor trustees. If the trustee (creator of the trust and current trustee) dies, I don't see another trustee designated to take over to distribute the assets and to close out or manage the trust if desired. My trust, drawn by an trust specialist attorney in Oregon has this right at the beginning, right after the third line of the OP posted trust which says "Herein after referred to as the Trustee":

Parties to this Trust Agreement:
Trustor: xxxxxx
Trustee: same as trustor above
First Successor Trustee: The wife or another heir
Second Successor Trustee: another heir, just in case the first successor dies or resigns.

 

[Stomper]

I had mine notarized a couple days ago, and just packed the envelope not more than 5 mins. ago to be mailed out this Monday!

I have a few schools of thought on the issue you just raised...


1.

I don't really care what becomes of the NFA items after I die... chop it/them up for all I care, I won't notice... crazy, eh?



2.

The trust can be modified at any time, adding, changing, deleting items, persons, Trustees, Settlors, Heirs, etc. even after the NFA stamp is issued on the current OP version... that's why its "revocable".



3.

The OP is good enough to get you past the "Trust threshold" to get signed off (your first desired NFA item in particular).


That being said, I will indeed "polish up" the Trust's "lines of succession" (easily done by myself) so that it may continue in perpetuity for as long as my descendants desire to keep it "alive".... but for NOW, off it goes to get the "Tax Stamp"!!

 

[Gunner3456]

Well, I'll admit I know a lot more about trusts than I do NFA items. However, when you pass, I think it would be nice for heirs to be able to sell the items and officially notify BATF of the passing and of the sale.

Without a successor trustee, there would be no one with the authority to do that.

I was once a banker and we made loans and opened deposit accounts for trusts and I had to know how to read them. I once owned 51% of a title company and we transferred real property from trust and to trusts upon sale, upon death, upon revocation, we recorded loans against them, etc. ect. and I had to know how to read them.

I'm not a lawyer but I've had classes on trusts and worked with them a lot.

I still ask. Who's going to close out the trust, or succeed as trustee, and if desired, dispose of the items?

I have never understood people who died without a will (died "intestate") just for the sake of their family. Better yet by far, a trust with all assets including home, household possession, vehicles, etc. in it because that avoids probate.

The NFA trust is just one more loose end to keep cleaned up.

 

[Stomper]

I agree whole-heartedly, and will indeed polish up the "lines of succession" so my heirs can get a tax free NFA transfer (if they are qualified by the BATFE)... as for the having a will, me and the wife are working on that. Its not that difficult, and is quite important, that's why I bought a recent copy of Quicken Willmaker to do just that.

In my research I found that Oregon is one of the easiest, and less costly States to go through the probate process in. According to what I've read (on opinions concerning probate precesses throughout the States), Oregon law is actually quite sensible and fair... hard to believe, huh?

 

[Gunner3456]

OK, I'm not a lawyer, but you'd do your heirs a big favor by doing a joint living trust rather than a will. A trust is a "person" under the law and doesn't die. So if you or you wife or both die, the next trustee simply continues to manage the trust which owns everything. If both you and your wife die, the first successor trustee simply takes over management and works with the heirs per the terms of inheritance in the trust. No probate, no lawyer and no government needed. Example:

THE John Doe and Jane Doe REVOCABLE TRUST
DATED: ________________
​

Parties to this Trust Agreement:
Trustor: John Doe and Jane Doe
Trustee: John Doe and Jane Doe
First successor Trustee: Pete Doe
Second successor Trustee: Linda Doe

In consideration of the mutual covenants and promises set forth herein, Trustor and Trustee agree:

SECTION ONE
TRUST ESTATE

Trustor hereby assigns, transfers and conveys to Trustee all of their real and personal property, of whatever kind and however situated, including but not limited to the property described in Exhibit "A" which is attached hereto and by this reference incorporated herein. The Trustor, by their signature below, intend this document to serve as their Bill of Sale, transfer and Deed to all property which they now own or may hereafter acquire including but not limited to bank accounts, real property and automobiles. The property shall be held by Trustee in Trust on the terms and conditions herein set forth.

----------------------------

Later it says:

SECTION SIX
BENEFICIARIES​

The primary beneficiaries of this Trust are as follows:

John Doe and Jane Doe

Upon the death of the survivor of the primary beneficiaries then the following persons shall be the beneficiaries of this trust:

Pete Doe and Linda Doe

The secondary beneficiaries shall hold their beneficiaries' share with the right of representation so that if one of the surviving beneficiaries should die prior to the time their interest in this trust vests, then their equal share in this trust shall pass to their spouse. If a secondary dies without spouse, then their equal share in this trust shall pass to their issue. If a secondary dies without issue then their share shall be divided equally amongst of the remaining surviving beneficiaries. By right of representation I mean if one of the beneficiaries should predecease me or the final distribution of this trust then their share should be divided equally amongst their surviving spouse.

 

[Gunner3456]

Now you attach "Exhibit A" which names in general everything you have such as:

2005 Camry
Bank accout xxxxxxxxxxx at xxxxxxxxxxxxxx
All household belongings
Home at xxxxxxxx H avenue.

And so on.

Note that we transferred the title to our home, our cars etc. to the trust, and all of our banking and other financial accounts, even printed on our checks say "The xxxx and xxxx Joint Living Trust
xxxxx and xxxxxxxxx Trustees.

If we die, the first successor trustee gets certified copies of death certificates and the trust and goes to the bank and becomes a signer, and can sign to sell cars or the home etc.

 

[Modeler]

Link shows "503 - Service Unavailable"...

Greg

 

[best defense]

The link is broken "again".

 

[Burt Gummer]

 

[Gunner3456]

If someone will email me a copy of that doc I'll put it up on my server and post a link.

cmre1
at
charter dot net

 

[Stomper]

If someone will email me a copy of that doc I'll put it up on my server and post a link.

cmre1
at
charter dot net

Sent you a copy of the orignal/editable trust in Word.doc format.

 

[Gunner3456]

OK, HERE IS A COPY OF THE TRUST.

<broken link removed>

You have to save it to your computer first. You can't just open it on the server and edit it there. It is read-only on the server.

If you don't have Word, Wordpad is in program files in the accessories folder. Start> Programs> Accessories > Wordpad.