Quoted:
Chiz:
What if you already have a solid trust set up for all of your estate anyway? Do you need a new or second trust for NFA?
Lem
This is why i decline to set up NFA trusts for folks, to avoid any potential liability
Nevada allows for perpetual trusts, that can last generations––potentially
hundreds of years. The potential problem with a generic trust comes into play for items that require special care, such as NFA items. If your trust holds such items, there should be instructions or warnings as to potential criminal or civil consequences. This is why people spend the extra money on NFA trusts, for the additional language/instructions.
Here is the applicable statute for NFA items in NV:
NRS 202.350 Manufacture, importation, possession or use of dangerous weapon or silencer; carrying concealed weapon without permit; penalties; issuance of permit to carry concealed weapon; exceptions.
1. Except as otherwise provided in this section and NRS 202.355 and 202.3653 to 202.369, inclusive, a person within this State shall not:
(b) Manufacture or cause to be manufactured, or import into the State, or keep,
offer or expose for sale, or
give, lend, possess or use a machine gun or a silencer,
unless authorized by federal law;.
Assume someone takes possession of your property suddenly, say as a result of a car accident. The new trustee puts your M16 in the trunk of his car, along with your old coats and a few appliances. He takes them down to a swap meet to sell, or lists them in the RJ ("Assault weapon for sale") to help offset some of the estate's debts. You can immediately see the potential problem with that action, and the trustee, without instruction, may not have a clue as to what he's doing wrong.
Bottom line, if you run the risk of someone coming into possession of your controlled items, you should probably give some guidance as to the legalities of it all––or designate someone as a trustee that knows what he/she has.
If you have something cool, i
may be persuaded to serve as your trustee.