Some friends and I have been thinking about having a trust or trusts drawn up. Is there any reason that we shouldn't make one trust with all of us on it?

some people will say its a bad idea because they are not family since everyone on the trust IS an owner and can do whatever they want with the trust assets. first i trust some of my friends waaaaay more than my family (i have a friend on my trust) and second you can put limitations on your trust as to who has control of items regarding sale etc.

its really your choice. if you are thinking about pitching in on a machine gun and sharing it, great way to make it cost less and better then a few friends giving all their money to one guy to purchase it. plus in that scenario anyone in the trust can take a toy out to play without the others. just need to make sure its people you trust (no pun intended) and two you have to ask yourself, if this arrangement goes sour is that something i can live with. possibly losing money and or a friend in the process.

my closest friend i consider family. we have been friends since early childhood (like 20+ yrs). i would trust him with my life.

you situation may vary.

depends how your trust is written actually.

and it would be a bad idea. You'd be the only one liable and they would have no responsibility.

bad idea for you, only acceptable solution for me. you have no idea what my situation is and what it dictates. for me NOT having others on my trust could lead to possible bad legal situations. for one marital property does not apply to nfa items. so what happens if you want to take your wife's MG out to play that she privately purchased but.....she's overseas?? or vice versa? what happens if your family is stationed overseas for a few years? we're not leaving our stuff in a safe deposit box, were leaving it in the hands of someone trusted who can legally hold it for us.

and your right, it depends on how it is written. it can be a blessing or a curse. i personally dont think it makes one bit of diff who is on your trust, family or friend. the only thing that matters is whether the trust members are people YOU WANT on it.

but i do not agree about liability. if you dont trust someone, they shouldnt be a part of your trust. i cant see how you can be liable for someone elses actions for what they may do with a trust item. the trust owns the items not the individual. my trust is @30 pages long and covers alot of information. we even have alternate trustees in case every trust member dies before the benny is old enough to receive the trust items. our trust cover depreciation of items as well as damage caused by use.

if you use a good lawyer, you can cover your bases, be safe and have what you need. to just say its bad is not accurate.

Bad idea.  It will be complicated when you or someone else on the trust dies.