Will vs Trust

[morrcarr67]

Not sure where to post this so I put it here.

My wife and I were never blessed with kids so I need to plan on what it is going to happen to my stuff when I pass.

I have a nephew that i would like my firearms to go to when that time comes. He lives in MO and I sadly live here; though I hope to leave this state when I retire.

What would be the best way to make sure he gets them in the easiest way?

[fiddletown]

....What would be the best way to make sure he gets them in the easiest way?

There can be a lot of issues to be considered when working out how your property gets passed on, and to whom, when it's time. A lot can depend on your unique situation.

One important issue to think about, and something folks often don't, is designating the order in which assets might be sold if necessary to pay debts left behind. This is especially important if there's specific property you want to be retained in the estate and passed on.

It would be best to consult with a qualified estate planning attorney.

A living trust is often a better idea than a will. It avoid the potentially expensive and time consuming process of going through probate in court.

[ROZ]

I understand you can will the items to your nephew, but if you have any money or assets that may present tax consequences, id place them into a trust to avoid probate and possibly tax consequences.

*not an attorney or cpa

[morrcarr67]

Thank you for your help. I will check into a living trust and an attorney.

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[XDJYo]

Definitely a Trust.

I am no attorney.

With a Trust, you specify who is in control of the assets in that Trust. It can be real estate, cars, cash, savings etc. (Only retirement accounts can't be placed in a Trust). Initially, it is you and your wife (typically). If you pass, all assets are under her control or visa versa. Once you both pass, your designated Successor Trustee has control. You can state multiple people and the order of succession.

It is a legal document and prevents anyone else from interfering in the process, including other relatives or the Government.

Trust and estate laws have become very simple these days.

Sadly, I've had to go thru this recently so I have a little experience.

Another thing to think about during this time is a Power of Attorney and a Durable Medical Power of Attorney aka Health Care Directive.

Although I don't like to keep confidential papers with me, but I would make sure to have access to them in case of emergency. It will keep you or a loved one from having to go back home to find it. Even though the hospital or your doctor may have your Health Care Directive re: end of life decisions (ex: Do Not Resuscitate), they won't go looking for it before reviving you in case you wind up in the ER. Keep it with you and a card in your wallet.

Make sure all related parties have a copy and keep it with them (in their BOB for example) or saved as a document on their phone.

Be safe and hope you find a good answer and a good lawyer who can help give you the best solution for your particular situation.

As a side note-in case you are incapacitated (ex: stroke), make sure your wife/loved ones have the ability to continue to handle financial matters: Mortgage/Rent, utilities, bill pay, access to bank accounts, safe etc.

This will make it easier for whomever steps in to focus on taking care of you and not chasing random things around.

[glockman19]

Not sure where to post this so I put it here.

My wife and I were never blessed with kids so I need to plan on what it is going to happen to my stuff when I pass.

I have a nephew that i would like my firearms to go to when that time comes. He lives in MO and I sadly live here; though I hope to leave this state when I retire.

What would be the best way to make sure he gets them in the easiest way?

We too have no children. I have a Will and Trust and a Advanced Medical Directive. I chose no code.

My wife's cousin, an attorney, is the Executor should we both go together. I have designated who gets what in my will and trust.

I suggest getting both completed.

[Friesland]

Tagged for re-read

[morrcarr67]

Definitely a Trust.

I am no attorney.

With a Trust, you specify who is in control of the assets in that Trust. It can be real estate, cars, cash, savings etc. (Only retirement accounts can't be placed in a Trust). Initially, it is you and your wife (typically). If you pass, all assets are under her control or visa versa. Once you both pass, your designated Successor Trustee has control. You can state multiple people and the order of succession.

It is a legal document and prevents anyone else from interfering in the process, including other relatives or the Government.

Trust and estate laws have become very simple these days.

Sadly, I've had to go thru this recently so I have a little experience.

Another thing to think about during this time is a Power of Attorney and a Durable Medical Power of Attorney aka Health Care Directive.

Although I don't like to keep confidential papers with me, but I would make sure to have access to them in case of emergency. It will keep you or a loved one from having to go back home to find it. Even though the hospital or your doctor may have your Health Care Directive re: end of life decisions (ex: Do Not Resuscitate), they won't go looking for it before reviving you in case you wind up in the ER. Keep it with you and a card in your wallet.

Make sure all related parties have a copy and keep it with them (in their BOB for example) or saved as a document on their phone.

Be safe and hope you find a good answer and a good lawyer who can help give you the best solution for your particular situation.

As a side note-in case you are incapacitated (ex: stroke), make sure your wife/loved ones have the ability to continue to handle financial matters: Mortgage/Rent, utilities, bill pay, access to bank accounts, safe etc.

This will make it easier for whomever steps in to focus on taking care of you and not chasing random things around.

Thank you for taking the time to write that. A little more to think about.

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[Victor Cachat]

My parents did both.

The trust was the overriding document and it allowed for remaining assets to be distributed with a much smaller tax burden on the recipients.

[XDJYo]

Thank you for taking the time to write that. A little more to think about.

Sent from my ASUS_Z00TD using Tapatalk

You're welcome. Glad to be of some help.

[guntrust]

Please watch my video on gun transfers, post-gunpocalypse:

http://guntrust.org

[SWalt]

Heres something to consider also OP. Why not give them to him while you are still alive? When you get to the age when you no longer use them, hand them over to him with a big huge smile. I'd bet he would prefer that too. No need to wait until after you pass away.

And talk to an estate lawyer/planner before doing anything. Be involved and do your own research too.

[BAJ475]

There can be a lot of issues to be considered when working out how your property gets passed on, and to whom, when it's time. A lot can depend on your unique situation.

One important issue to think about, and something folks often don't, is designating the order in which assets might be sold if necessary to pay debts left behind. This is especially important if there's specific property you want to be retained in the estate and passed on.

It would be best to consult with a qualified estate planning attorney.

A living trust is often a better idea than a will. It avoid the potentially expensive and time consuming process of going through probate in court.

My wife I an are in the process of having an estate planning attorney prepare our wills and a revocable trust. He put disposition of our firearms in both the trust and our wills but omitted an actual transfer of the firearms to the trust at this time. Our wills first leave all of our non trust property to which ever one is the survivor. Then our wills leave our firearms to our son, because our daughter lives in Germany, where she and our grandchildren could not own them. The trust does the same thing. When I questioned this on the basis that we could not will property belonging to our trust and the trustee could not deliver property not in the trust, he replied that there was a problem transferring firearms to the trust and suggested that I read PC section 26500. Of course, if Section 26500 was the final answer no private party could ever sell, will or transfer a firearm. There is Section 26515 which permits transfers by will or intestate succession. However, I was unable to find any statute or case law relating to transfers to revocable trusts. Are you aware of any? Given that my wife and I are co-trustees a transfer of ownership would not be a transfer of possession. Anyone else with any insight is invited to respond.

[guntrust]

My wife I an are in the process of having an estate planning attorney prepare our wills and a revocable trust. He put disposition of our firearms in both the trust and our wills but omitted an actual transfer of the firearms to the trust at this time. Our wills first leave all of our non trust property to which ever one is the survivor. Then our wills leave our firearms to our son, because our daughter lives in Germany, where she and our grandchildren could not own them. The trust does the same thing. When I questioned this on the basis that we could not will property belonging to our trust and the trustee could not deliver property not in the trust, he replied that there was a problem transferring firearms to the trust and suggested that I read PC section 26500. Of course, if Section 26500 was the final answer no private party could ever sell, will or transfer a firearm. There is Section 26515 which permits transfers by will or intestate succession. However, I was unable to find any statute or case law relating to transfers to revocable trusts. Are you aware of any? Given that my wife and I are co-trustees a transfer of ownership would not be a transfer of possession. Anyone else with any insight is invited to respond.

Sounds like you did not watch my video at http://guntrust.org - i think your questions will be answered there, largely.

[Blade Gunner]

Definitely a Trust.

I am no attorney.

With a Trust, you specify who is in control of the assets in that Trust. It can be real estate, cars, cash, savings etc. (Only retirement accounts can't be placed in a Trust). Initially, it is you and your wife (typically). If you pass, all assets are under her control or visa versa. Once you both pass, your designated Successor Trustee has control. You can state multiple people and the order of succession.

It is a legal document and prevents anyone else from interfering in the process, including other relatives or the Government.

Trust and estate laws have become very simple these days.

Sadly, I've had to go thru this recently so I have a little experience.

Another thing to think about during this time is a Power of Attorney and a Durable Medical Power of Attorney aka Health Care Directive.

Although I don't like to keep confidential papers with me, but I would make sure to have access to them in case of emergency. It will keep you or a loved one from having to go back home to find it. Even though the hospital or your doctor may have your Health Care Directive re: end of life decisions (ex: Do Not Resuscitate), they won't go looking for it before reviving you in case you wind up in the ER. Keep it with you and a card in your wallet.

Make sure all related parties have a copy and keep it with them (in their BOB for example) or saved as a document on their phone.

Be safe and hope you find a good answer and a good lawyer who can help give you the best solution for your particular situation.

As a side note-in case you are incapacitated (ex: stroke), make sure your wife/loved ones have the ability to continue to handle financial matters: Mortgage/Rent, utilities, bill pay, access to bank accounts, safe etc.

This will make it easier for whomever steps in to focus on taking care of you and not chasing random things around.

^^^^^^^^This^^^^^^^^