Estate planning issue: revocable trust

[free]

Doing some estate planning. Creating a revocable trust for general purposes, not a specific "gun trust". Also don't want to create a second trust just for these guns.

Currently minor child(ren) as the beneficiary(ies). Wife and I are the grantors and trustees. Wife will be sole trustee when I die. Contingent trustees live in Florida and Texas respectively.

Guns are just a few, relatively plain non-NFA items.

In the trust document my lawyer is creating, I have the option to specify property being placed in trust at creation.

My questions, which lawyer couldn't answer, are:

1). Besides specifying the guns are going into the trust, do I have to do an FFL transfer for each of these guns?

2). What implications are there for out of state trustees, should my wife die and one of the contingent trustees becomes trustee?

3). What are the storage/possession requirements/limitations on trustees, when acting in their capacity as trustee when handling, transporting or otherwise dealing with the listed items?

4). What else should I be aware of here?

If it is too much of a hassle dealing with this stuff, I'll just sell it all. The value of the items doesn't merit a lot of expense in dealing with it, so I need to be realistic.

Thanks,
f

[Noah_Zark]

Doing some estate planning. Creating a revocable trust for general purposes, not a specific "gun trust". Also don't want to create a second trust just for these guns.

Currently minor child(ren) as the beneficiary(ies). Wife and I are the grantors and trustees. Wife will be sole trustee when I die. Contingent trustees live in Florida and Texas respectively.

Guns are just a few, relatively plain non-NFA items.

In the trust document my lawyer is creating, I have the option to specify property being placed in trust at creation.

My questions, which lawyer couldn't answer, are:

1). Besides specifying the guns are going into the trust, do I have to do an FFL transfer for each of these guns?

No. They are assets in trust, just like stocks, real property, autos, bank accounts, collections, etc.

2). What implications are there for out of state trustees, should my wife die and one of the contingent trustees becomes trustee?

Any active trustee is responsible for assets in trust. The trust document conveys that power and responsibility. An active trustee can write checks, sell or buy property, pay bills, etc. Any active trustee, yourself included, could sell your guns within fed and state requirements. When you pass, the trustee would sign in part F of a PSP SP4-113 Firearm Record of Sale when selling one of the trust's handguns, for example.

3). What are the storage/possession requirements/limitations on trustees, when acting in their capacity as trustee when handling, transporting or otherwise dealing with the listed items?

Those are fed, state, and local requirements which are location driven and are the same that you yourself must comply with. Substitute "trustee" for "free."

What else should I be aware of here?

The revocable trust enables your estate to avoid probate. Much simpler for the executor.
The biggest hassle is listing the assets and getting them "named" in trust.

If it is too much of a hassle dealing with this stuff, I'll just sell it all. The value of the items doesn't merit a lot of expense in dealing with it, so I need to be realistic.

You ask valid questions, but you're overthinking it.

IANAL, but have been the trustee and eventual executor of three revocable trusts.

If you want a second opinion, attorney Patrick Felix in Carnegie is excellent, if he hasn't retired yet.

Noah