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Posted: 3/7/2008 6:44:36 PM EDT
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when you do a trust using willmaker, can you name your trust what you want, or does it automatically mame it for you? I would like to do a trust just for NFA items as "John Doe & Jane Doe NFA Trust", so I can do a seperate, more detailed one later named the "John Doe & Jane Doe Revocable Living Trust", for all other assets, except NFA items? Is this possible or not? teamroper |
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I think you'll have issues with willmaker trying to make 2 trusts. of course it's been a while since I've played with my copy. Just make the one trust, John and Jane Doe Revocable living trust. Do you really need a separate trust just for NFA items? I keep mine right along with all our jewelery, deeds, firearms and antiques. It really makes life easier just managing 1 trust. |
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The reason for two trusts: One simple trust involving NFA items only Second for all other assets, because: When adding home, real estate, life insurance,vehicles,checking accounts,savings accounts........etc, from what I understand (from my mom & dads trust), you have to change all the titles,deeds,account names and life insurance policies to the trusts name! Someone correct me if I'm wrong? teamroper |
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Yes, that is correct, for papered items like bank accounts, deeds, titles etc name change is mandatory. Still, why make a NFA only trust? If you have real tangeable assets you're going to put in a trust anyway, just put your firearms and NFA goodies in the same trust. I mean the trust is a legal entity designed to protect your assets in the event of you passing and or probate. I'm not trying to tell you what to do, but it just seems redundant to have multiple trusts that when executed will perform the exact same functions. Unless theres something you're not mentioning. Property can come and go from a RLT all day long. It's a simple matter of amending the property schedule. hope this helped. |
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All this helps, I'm still just a little confused? I want to get started on NFA stuff now! I can do my own trust cheap & quickly! I'm not sure I trust myself on judgement on the other assests, power of attorney, guardianships, incapasitation clause.......etc., maybe I'm thinking too much! Worst case, if I had a new trust drawn up later by an attorney, I would just have to pay transfer fees again to tranfer to the new trust? I may be all wrong, that's why I'm still doing research! teamroper |
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AH. I see what you're worried about now. That's why you use a Revocable Living Trust. All those issues can be amended and changed while you are living. If you draft a Trust now (RLT) your attorney can amend the provisions of the trust to do whatever. Just keep the name the same. John and Jane Doe RLT. FYI, that is exactly what I did. I drafted mine on willmaker, I did not like how it read and needed some extra provisions drafted. So I had my attorney redraft it under the same name. |
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Thank You soowah! That's what I was wanting to know! I have an aunt & cousin who are lawyers, they want to charge me $1000-$2000, just to do a basic trust! No way for few SBR's & suppressors! I will do my own husband & wife revocable living trust, using Quicken Willmaker. I want my wife and myself to have access to these NFA items in each others abscense, my benificeries will be my son of legal age, who lives away at college in state, the other will be my daughter,not of age(14), that lives at home, but does not have access to my safe. With our trust and other papers, I'll leave instructions and tranfer papers to sell the items if not wanted anymore. As things get more complicated, I'll have my attorneys (won't be family) amend my trust, but keep the same trust name as suggested above. FWIW, my mother is dealing with a trust drawn up by an "so-called qualified" estate lawyer after the death of her father, Well!!! It's all screwed up! I can live with Quicken for now! teamroper |
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