Question about setting up a trust.

[Bamaboy19]

Getting close to buying my 1st can, Surefire SOCOM 7.62. I know I want to do a trust so I can add my son to it.
Once set up, can I transfer all my guns into it as well? I would like to make sure my son takes possession of all my firearms when I pass.
Pros & cons of doing so?
Any advantage/disadvantage of using a silencer shop kiosk for the process? Or are there better ways for this?

 

[justapilgrim]

Getting close to buying my 1st can, Surefire SOCOM 7.62. I know I want to do a trust so I can add my son to it.
Once set up, can I transfer all my guns into it as well? I would like to make sure my son takes possession of all my firearms when I pass.
Pros & cons of doing so?
Any advantage/disadvantage of using a silencer shop kiosk for the process? Or are there better ways for this?

I assume your son is on board with this and wants your guns? Just asking because I know of a man who did a similar thing, but after he died no one wanted his stuff....what he meant to be a blessing turned out to be a liability.

 

[Duckyou]

I assume your son is on board with this and wants your guns? Just asking because I know of a man who did a similar thing, but after he died no one wanted his stuff....what he meant to be a blessing turned out to be a liability.

Dibs!

 

[Bamaboy19]

I assume your son is on board with this and wants your guns? Just asking because I know of a man who did a similar thing, but after he died no one wanted his stuff....what he meant to be a blessing turned out to be a liability.

Yes he's a shooter/hunter and has started collecting some guns, last year he picked up a an AR-15 pistol, Mac-90 & a Feather AT9. I know he wants my SKS and hunting rifles. He doesn't even know what all I have.

 

[Daezee]

One idea: list all items in your will and directed to go to your son. Can would thus transfer tax free.

 

[Bamaboy19]

One idea: list all items in your will and directed to go to your son. Can would thus transfer tax free.

I thought that if he was listed in the trust he would already be considered a co-owner, no transfer required?

 

[Raven]

I thought that if he was listed in the trust he would already be considered a co-owner, no transfer required?

And with a trust you wouldn't be fighting with the relatives over the will

 

[mac the knife]

Just remember that if he’s co owner in a trust, you will have to get him to agree to every transaction you make with the guns.
If you sell or trade one he has to agree and be part of the bill of sale !
A will would be much easier and simpler.

 

[Longtooth]

My understanding of it.

Will = He gets them after you are gone
Trust= He owns them now with you

I did a single shot trust for my first one and have the rest as individual. I was looking at setting up a trust for my collection and all NFA items too, but the cost was prohibitive and I dont anticipate needing to allow anyone to use any of my items without me being with them.

 

[Duckyou]

I would not put my non-NFA firearms in the same trust as NFA firearms. If you go this route then do 2. You could likely do a trust with him as the beneficiary - but for firearms it could be easily done with a will as long as they are non-NFA.

 

[Daezee]

I thought that if he was listed in the trust he would already be considered a co-owner, no transfer required?

My answer was designed to keep the process for the OP simple. Keep it simple for the OP or keep it simple for the surviving relative down the road after the OP’s passing…choose one.

 

[Bamaboy19]

My situation is have a woman, grandfathered into common law marriage. When I bought my land I put her name on the deed with the understanding she would reciprocate by putting my name on the title to the mobile home we live in, that never happened. She's older and very insecure, a gambler, former, and quite possibly still, a meth head, gets a disability check that's gone in 2-3 days, so; an indigent money grubber. We're together, but she's not with me, best thing she's ever done for me is separate our finances. I work 12 hour nights and keep all my shit locked up now, between her, crackhead daughter & accomplices, I've had so much stuff just disappeared.
I was ignorant when my dad died, his wife was the same way and I got screwed out of my inheritance, the few things I did get, I paid her for.
My son is a good man raising a beautiful family. He is my sole beneficiary on my insurance. I've yet to install my new safe (happening this week) he will have keys and combination. As for my personal effects & tools, If something happens to me before she dies, I imagine her family descending upon the scene like vultures to pick the bones. It will be a scramble on who's faster at getting anything of value off the property. My son is very much like me, if he needs or wants anything he's perfectly capable of buying it.
And too easy going to care enough to fight over material things. This is all me trying to ease my mind to make it so my most valuable assets end up with him, I've already started giving him some things, most important a house. I can trust him to give some to her grandson, who I do more for than her family ever does.

 

[Raven]

My situation is have a woman, grandfathered into common law marriage. When I bought my land I put her name on the deed with the understanding she would reciprocate by putting my name on the title to the mobile home we live in, that never happened. She's older and very insecure, a gambler, former, and quite possibly still, a meth head, gets a disability check that's gone in 2-3 days, so; an indigent money grubber. We're together, but she's not with me, best thing she's ever done for me is separate our finances. I work 12 hour nights and keep all my shit locked up now, between her, crackhead daughter & accomplices, I've had so much stuff just disappeared.
I was ignorant when my dad died, his wife was the same way and I got screwed out of my inheritance, the few things I did get, I paid her for.
My son is a good man raising a beautiful family. He is my sole beneficiary on my insurance. I've yet to install my new safe (happening this week) he will have keys and combination. As for my personal effects & tools, If something happens to me before she dies, I imagine her family descending upon the scene like vultures to pick the bones. It will be a scramble on who's faster at getting anything of value off the property. My son is very much like me, if he needs or wants anything he's perfectly capable of buying it.
And too easy going to care enough to fight over material things. This is all me trying to ease my mind to make it so my most valuable assets end up with him, I've already started giving him some things, most important a house. I can trust him to give some to her grandson, who I do more for than her family ever does.

A piece of paper won't stop thieves like that. You need a floor safe and a bank safe deposit box for the floor safe's key... with only his name on it. Let the bank employees vet him with a picture ID to get your most valuables