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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?
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?