Question for you trust guys...

[dogbaloo]

What the heck to you name your trust, and does it matter really?

Just asking...I've searched the web extensively and either it's so simple there's little need to post an answer in space, or it's double top secret and no one wants me to know!

 

[Ian]

Well, I think the ideal is to have one that doesn't have your name in it, is creative enough to not be really generic, and short for easy engraving. Definitely don't call it "Such-and-So Revocable Living Trust" unless you want to have "Revocable Living Trust" spelled out on the gun. Just "Whatever Trust" and be done with it.

You could try the "In God We" trust, but I think that's lost it humor by now.

 

[medalguy]

How about "FA" trust?

 

[GoingQuiet]

Bearing in mind - each state has different trust laws, so don't rely on the internet.

Also - engraving only comes to play when doing a Form 1 build. If you never plan on doing any Form 1 builds - the Robert Joseph Wojohowitz Revocable Living Trust - will not need to be engraved anywhere.

 

[paul]

If you never plan on doing any Form 1 builds - the Robert Joseph Wojohowitz Revocable Living Trust - will not need to be engraved anywhere.

...and if you form a trust for the purpose of owning otherwise restricted firearms, you will probably find a reason to SBR something.

"Trust" me...

p

 

[myrdraal0]

So you guys don't include your name in the trust?

Personally, it seems like a better idea to me to include the name - so it's more obvious that it's mine (although I know it doesn't matter legally).

To me, the ideal trust name is '[Last Name] Trust'.

 

[blakdawg]

To me, the ideal trust name is '[Last Name] Trust'.

To date, I have not handled firearms trusts but I am an estate planning/administration lawyer so I work with trusts all day long.

My suggestion would be to include an extra word or two in the name - perhaps the "John Smith Firearms Trust" or the "John Smith Class III Trust", especially if you're in a state where trusts are often used for estate planning, so that it's clear that the firearms trust is totally separate from other trust(s) meant to control other assets.

There's no particular reason that you'd need to specify "firearms" in the title - from a trust law point of view, you can name your trust the "Puppies Are Cute Trust" and it works fine. My experience has been that it's easier, however, to deal with third parties if the name of the trust is comprehensible to them

 

[dogbaloo]

Thank you sir! Exactly what I was looking for!

Thank you all for your help!

 

[myrdraal0]

Actually, you're right and I was typing too fast. I should have written that my ideal name is '[Last Name] NFA Trust'. That's how I named mine - although it could have just as easily been firearm or gun as NFA.

 

[JustinL]

I named mine after myself too. Had not considered the Form 1 engraving aspect though.

 

[GoingQuiet]

To date, I have not handled firearms trusts but I am an estate planning/administration lawyer so I work with trusts all day long.

My suggestion would be to include an extra word or two in the name - perhaps the "John Smith Firearms Trust" or the "John Smith Class III Trust", especially if you're in a state where trusts are often used for estate planning, so that it's clear that the firearms trust is totally separate from other trust(s) meant to control other assets.

There's no particular reason that you'd need to specify "firearms" in the title - from a trust law point of view, you can name your trust the "Puppies Are Cute Trust" and it works fine. My experience has been that it's easier, however, to deal with third parties if the name of the trust is comprehensible to them

I never understood why people name trusts after a tax bracket.

 

[GoingQuiet]

...and if you form a trust for the purpose of owning otherwise restricted firearms, you will probably find a reason to SBR something.

"Trust" me...

p

Oh, SBRing something is something common - typically I just don't see it getting done via Form 1 very often. Many times I have customers come to me and say - heres' my rifle, SBR it and I do a Form 2 and a Form 4.