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Message: <blockquote data-quote="Claybuster" data-source="post: 4391942" data-attributes="member: 49699">Although I am a lawyer, I think in many situations trusts are needless complications to peoples lives and estate plans.  Sometimes a plain old Last Will and Testament, or even intestacy in some cases, will serve the client as well as creating a trust.  The best course of action is always fact specific and isn't static.  Your situation changes through life and what is sufficient at one stage is not at another.  The public at large has been unnecessarily alarmed about probate/administration of estates, and estate taxes; usually to the benefit of those who stand to gain from their ignorance.  Court probate/administration of estates is a tried and true process that we as a society have been doing for hundreds of years.  A shovel and a backhoe are both digging tools.  Pick the one that is best for the job at hand.  If all you are doing is planting a tree in your yard, go with the shovel.  In most instances though an NFA trust is the best tool for the job.  What differentiates NFA items from anything else is their regulated status and corresponding tax stamp.  As pointed out above, when the trust is established it can provide for multiple and successive trustees.  It can be amended to adapt to life changes, like the death of a trustee or the birth of a grandchild.  It can hold multiple NFA items.  It can provide for restrictions or limitations on a trustee or a beneficiary.  But the most important thing it does is prevent successive transfers of the NFA item(s).  Once it acquires the asset, if drafted correctly, no further transfers are necessary to pass the item down to the next generation(s).</blockquote>

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