TRUST?

R

rugerdawg

New member
What is really the first step in forming a trust? I know getting an attorney would probably be the quickest route but I presume that there must be a standard form or format available to us "po" folks to make it easier.
 
What is really the first step in forming a trust? I know getting an attorney would probably be the quickest route but I presume that there must be a standard form or format available to us "po" folks to make it easier.
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A standard form won't cut it, at least not in the long run. You might get your trust through, but when it comes time for distribution, you could run into problems (e.g., illegal transfers). Most standard form trusts don't take into account NFA transfer restrictions, possession issues, and other nuances. Be careful.

Obviously an attorney created trust is the best route, but some can overcharge. If it costs more than $200-$300 for an NFA trust, I think you're being overcharged (that flat rate is what I typically charge).
 
IMO several thousands of dollars worth of NFA firearms makes a few hundred dollars spent on a lawyer-created trust worth it.
 
You can do a lot of the preliminary work yourself. See Nolo Press' web site for some starter material.

However, be SURE you get an attorney to do the final legwork for you. The reading and study you do ahead of time may actually save you some billable hours from the attorney but he's going to make SURE it's right. It's worth the money. You do NOT want to have a forced liquidation because you made a stupid mistake.

There are a few things that make an attorney worth their money and this is one of them.

--Wag--
 
I am kicking myself for not doing a trust, I paid $600 for the stamps on three guns and will have to paid $600 again to put them on a trust. Have I know then what I now know I would have gotten a trust.
 
a LLC is more expensive to run as a company,trust will provide privacy...our cleo does not sign off,and were in FL!!
 
I am no attorney but I have been there and done that with estates.

#1 Find a lawyer you can trust and pay the money to get it done right.

#2 Any lawyer who advises his client against probating a will cannot be trusted.

#3 ALWAYS probate a will. If you do not, things that seem simple now can come back and bite you or your heirs and make their life miserable.

#4 DO NOT use a small town lawyer or banker. Being a small town lawyer or banker means there will be a conflict of interest. They are in a tough spot. Hire a lawyer from a major city in the state you are in.

#5 Find a Lawyer with in depth experience in the exact type of trust you want. Get references.
 
Why trust instead of a LLC?
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Trusts can be free. LLC's require start up fees, licenses, annual fees, tax reporting, registering NFA items with your state, etc

Trusts are private, discrete, and can be free once you do the first one properly.

My first trust cost $40 for the guaranteed approved forms with free online help. Unlimited free changes and copies.
 
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