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Trust Inheritance Question - 1 item per 1 trust?

Discussion in 'NFA Weapon Discussion' started by chris61182, May 15, 2016.

  1. chris61182

    chris61182 A little west of Portland Active Member

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    I've never seen this topic specifically discussed; but do most people have a single trust and put all their NFA items onto that trust, or do most people have multiple trusts, for example 1 item per 1 trust?

    This issue occurs to me as I get ready to jump into the NFA pool by buying several items. I have several kids who I'd like to have eventually, in a decade or two, posses these items (and future generations after them, and so on and so forth...), and I realize that they aren't all going to live within reasonable travelling distance of the specific safety deposit box for a single trust to be used.

    Given my understanding, it would seem that the solution would then to have each item on its own trust, so that each kid can take the pile of paperwork specific to the item when they become the sole trustee of it.

    Is my understanding solid, or have I missed some important detail? How do others approach this issue?
     
  2. SCARed

    SCARed Vancouver, WA Well-Known Member

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    Most have 1 trust, with multiple items on the trust, but I have heard of it done both ways.

    the guns don't have to be kept in the same place. Trustees can take them to their individual homes in whatever states they reside in so long as it's legal for them to do so.
     
    Last edited: May 16, 2016
  3. IronMonster

    IronMonster Washington Opinionated Member Diamond Supporter

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    I have one trust, close to a dozen people named in it for various things (not all can possess NFA items. I have around 70 items owned by the trust and it is stipulated who gets them for the next 100 years or so. Some of the items listed belonged to my great, great grandfather.

    Something like what I have needs to be done by someone with an understanding of estate and trust law and it costs money to do (I have about a $1000 in lawyers fees to get it set up)
     
  4. PDXSparky

    PDXSparky Keizer / Hillsboro Well-Known Member

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    All my items in 1 trust. Language in the trust directs what to do with the items upon my passing. Disposition of the items can also be directed by my will.