harleyjasondavidson wrote:
Whats the purpose of a trust? And with ammo/reloading supply constantly changing how does that work?
Seems like some kind of traceable registry. You pay for someone else to have an inventory of your firearms?
You don’t pay for the inventory. You can do your own trust, I chose to have an attorney write mine because I didn’t want it to conflict with my other trust. You pay for that service - then you’re done paying. In the trust, there’s a section for appendixes.- and you can make, create, and destruct appendixes as much as you want (NFA items must be tracked though). I’ve got an appendix for my NFA items, for my rifles, pistols, and other. You don’t list every bullet - but just bulk numbers that you always have on hand - for example 500 rounds of .223. If I die, the first 500 rounds goes with the trust - everything else goes into my estate - which of course is subject to other claims.
Lots of reasons to have a trust. Primary (already mentioned) is to avoid probate. So if you die, items in your trust go directly to your heirs instead of into your estate. You structure them properly to manage estate taxes, income taxes (in the case of IRA/401Ks etc), and to avoid creditors, etc.
Lastly, mine is also set up to name guardians for my kids and to manage my investments to provide for their care. For example, it allows the guardian to draw down $X per month to pay their care - but they can’t yank down the full estate and have a party.
If you have assets of any kind and/or kids, I strongly recommend that you speak to attorney. A basic trust only costs a few hundred and can save your heirs a world of hurt later.
I did check my notes on accessories and I only wrote down to do it - not why.