Would you go individual or trust in this situation?

[Bret]

Single shot trust is the way.

Please elaborate as to why.

[sproc]

Please elaborate as to why.

Probably for the reasons previously stated by lonestardiver, zombiescometh and georgelib. They are all talking about “single-shot trusts”, ie a trust with only one NFA item and one initial person (you). Once approved, additional people (family etc) can be added merely by getting their notarized signature.

https://www.silencershop.com/blog/po...gle-shot-trust

[BrigandTwoFour]

Thanks for the input, all. As far as I know, the one-shot trust isn't really an option because I'm mostly buying locally and the one-shot seems specific to Silencer Shop.

I've been going back and forth on it, and I'm inclined to agree with Waylander that I don't really want to engrave my name on the gun. The trust route does keep things simple in the future with a larger collection that the trust owns. I did verify with a lawyer that I can identify the beneficiary of a trust as another trust, which greatly simplifies the whole "what happens if I die" process.

[mig1nc]

Thanks for the input, all. As far as I know, the one-shot trust isn't really an option because I'm mostly buying locally and the one-shot seems specific to Silencer Shop.

I've been going back and forth on it, and I'm inclined to agree with Waylander that I don't really want to engrave my name on the gun. The trust route does keep things simple in the future with a larger collection that the trust owns. I did verify with a lawyer that I can identify the beneficiary of a trust as another trust, which greatly simplifies the whole "what happens if I die" process.

Single shot trust isn't just a product or brand. It is that. But it's the idea as suggested above to isolate your purchases to dedicated trusts.


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[Bret]

Keep in mind that transfers to family members are free if you die and you can use a will to dictate what happens to your NFA items.

[Bret]

While I was on the phone today with a representative from Capitol Armory walking through the paperwork for a suppressor, I asked her what the individual to trust ratio was based on her experience. She said that it varies. It was that about 70% were trusts, but more recently people have figured out that individual approvals are going faster, so it has flipped.

[sndt1319]

I’ve considered setting up a trust with my BIL so that we can split the costs and be able to share items. I also like the idea that if my job took me somewhere with no NFA items I could leave it with him. I also don’t want to have a separate safe for just the NFA stuff as my wife needs access to the main safe.

[mig1nc]

This is one more reason I started doing single shot trusts.

None of those worries about adding items and modifying the individuals.


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