Comparison of Versions

Important provisions

 

CONVENTIONAL

LIVING TRUST

BRONZE

SILVER

     GOLD

1. You are Maker/Grantor of Trust

Yes

Yes

Yes

Yes

2. You are the Trustee of the Trust

Usually

Yes

Yes

Yes

3. You are a Beneficiary of the Trust

Usually

Yes

Yes

Yes

4. Trust can be amended/restated

Yes

Yes

Yes

Yes

5. Allows naming of Co-Trustees (who can have access to NFA Firearms)

No

No

Yes

Yes

6. Contains detailed firearms definitions and guidance

No

No

Yes

Yes

7. You can easily add or delete additional Beneficiaries

Overbroad

Looks to your estate plan

Yes

Yes

8. Allows gifts of specific firearms to specific people at death by memo

Usually

No

 Yes

Yes

9. Standalone firearms estate plan (does not require a formal estate plan)

Overbroad

No

Yes

Yes

10. Avoids probate

Yes, if funded

Refers to estate plan or state law

Yes, if funded

Yes, if funded

11. Plans for ALL Firearms

 

Rarely

NFA Only

Yes

Yes

12. Contains family firearms philosophy

Rarely

No

 No

Yes

13. Plans for Multi-generational use of firearms with safety precautions

No

No

No

Yes

14.  Can create separate trust shares

Yes – risky!

No

No

Yes – safe!

15.  Contains Investment Powers

Overbroad

No

 Selected

Selected

16. Contains disclaimer and power to appoint property options

Usually

No

 No

Yes

17. Provides for a continuing trust to serve as “Dynastic Family Armory”

Rarely

No

No

Yes

18. Provides guidelines for multi-state NFA Firearms ownership

Rarely

No

 No

Yes

19. Trustee succession fully set out

Rarely

Refers to estate plan or state law

 Selected

Yes

20. Contains Trust Protector Provisions

Rarely

No

 No

Yes

 

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