Living Trust

[meno377]

I'm in the process of creating a living trust with my nephews being the beneficiaries.

This is a hypothetical situation, but if for whatever reason it became important to have my collection handed over to one of my nephews in a quick manner, would the trust be the best solution to take care of this?

For example: I am declared incompetent due to alzheimer's so the trust would then settle. From that moment, my entire collection would be willed to one of my nephews.

I will be in contact with an Attorney at some point soon to find out what exactly needs to be done, but I thought I would ask.

[russ69]

Probably too many scenarios to explain in a quick post. Your trust will not be executed until you die. In the mean time someone may have to take over your "affairs" if you are unable to. Typically your assets will be in trust and your wife (spouse/partner) will have full use of your assets in the trust. Then when you both die the trust will end and your property will be distributed per your will. I think.
I my case my nephew is the beneficiary but that is after my wife is finished with my assets. She can sell all my guns if that is what she wants to do (after I'm gone). Bottom line if you want your guns to go to your nephews make sure that is stated in the trust/will.

[67Cuda]

I have a trust and my understanding is that it keeps your assets from going into probate. They can be disbursed sooner.

[six seven tango]

IANAL.
My understanding is that there can be some legal tripwires for transferring a firearm with a trust if it is not written correctly. This may only be for items like RAW's and NFA items, but you might want to have an attorney, familiar with firearms law, go over it for you just to cover everyone's butts.

[RufAnki]

Since I just went through this with my father, guns cannot be owned by a trust since they need to be owned by a person who is qualified to own them. Have a list of who gets what in your will, complete with serial numbers.

Your nephews should get their safety certificate ahead of time. You can even have the inter-family transfer paperwork filled out with who gets what weapon ahead of time and stored with your will. That way they just fill out the top portion with their current contact info and safety cert number and send it in.

[L84CABO]

Usually property transfers at death, not incompetence...but yea, you should certainly talk to your attorney on this. Your trust will name an executor and designate a power of attorney in the event you become incompetent. This can be the same person. But it would be the designated POA that would be responsible for securing weapons, etc. You'll want to make sure you discuss things with your POA ahead of time to make sure he/she knows what you want, can access your safe, etc.

Edit: Just a note about Power of Attorney's. Just cause you have one, doesn't mean that everyone will accept it. The liability really rests with the individual institution so it's up to them really if they want to accept it. Now most will. However, when my mom was diagnosed with Alzheimer's they would not accept the POA right off the bat. Even though she had a medical diagnosis from two doctors, they wanted me to go to court to have her declared legally incompetent before they would accept the POA. Of course, they were more than happy to cancel her credit card immediately...and we never talked about this, they just did it.

So give all that some thought. Maybe you'll want to put trusted people on key accounts so they have legal access to them. And/or maybe you want to make sure they can access your accounts on line.

[Bushwack44]

FWIW and not surer if this helps, but the person to oversee your trust should not be a beneficiary of any kind. But...you may want to set aside a fixed dollar amount for his troubles as the oversee-your.

[LarryBrad]

I am executing a trust for my friend now. A lot of work is an understatement. Thankfully no firearms! My 2 cents worth would be better to give with a warm hand than a cold one. You could see their enjoyment, share stories etc. Perhaps they would even let you use them? And your successor trustee will appreciate it. Good Luck, Larry

[Sky_DiveR]

I believe an executor can charge a fixed or hourly fee against the estate for their services.

Isn't this part of what a gun trust is used for?

[hambam105]

Trusts are great until someone disagrees.

Do you want to give all your money to some dirt bag lawyer and his cronnies because the Judge and the person(s) disputing the Trust see ambiguity in a No Smoking Sign?

Your two kids might agree...but one of the kid's ex-spouse doesn't. Kiss $30 to $40 grand away just to prove original intent. So what the *&^% does an ex-spouse, a love-child, a nanny, a relative not mentioned, have to do with the goodies you left behind for your kids? Let's see....$200 per hour...10 hour minimum...witnesses....court scheduling...then you will know, the hard way.

Leave everything to only 1 person and let them divi it up. Sell the stuff yourself and just let the kid know where you hid the cash before you go to that big shooting range in the sky.

[Mr Malarkey]

Get a hold of David R. Duringer, at, Main Office Address: Protective Law Corporation 23272 Mill Creek Dr Ste 250 Laguna Hills, CA 92653
He can answer your questions, he is also a member here.

http://lawnews.tv

Wife and I had him establish gun trusts for both of us.
Dave is a good guy and a true protector of the 2nd amendment.
For me, it was worth it.

[boludo12]

I met an estate attorney while at a boy scout camp. I spent hours talking to him about gun trusts, and guns in general. He would be able to help with this.

Garrett Maughan
208 891-8027
gpmaughan@gmail.com

He is in Foothill Ranch in OC.