Why Consider Setting Up A Trust

Protecting our assets whether it be from fire, theft or act of nature is extremely important. We take steps to ensure that we reduce the potential for loss in many ways, from simple things like locking doors and windows, having smoke alarms, and a security system, as well as taking out an insurance policy to cover us should we experience a loss.

However not all our assets are physical and can be covered by insurance. Protecting our assets whether they are physical or financial is important to ensure we do experience a loss through misfortune.

This is why setting up a family trust to protect your assets is similar to taking out an asset insurance policy that is set up exactly for your circumstances.

One of the key reasons for setting up a family trust is to be able to protect your estate. When you set up your trust you will either gift your estate to the trust over a number of years or sell the assets to the trust and gift the loan repayments - your lawyers will advise you which of these options will work best for you. The trust deed will outline how the estate assets can be used. The trustees will administer the trust assets, your lawyer may be one of the Trustees which will give you the confidence that the legalities of the trust are being adhered to.

When your assets are owned by your family trust, it helps protect them from future claims from people who may marry into your family - whether it may be a son or daughter-in law, a spouse or defacto partner or in the case of family breakdown.

Another benefit of setting up a family trust is being able to keep your finances confidential. The contents of the trust deed are also confidential and even the beneficiaries may only be privy to the details that relate specifically to them.

A family trust is also beneficial if you are a business owner to assist with protection against professional liability claims, unexpected business debts, and in certain circumstances, there may also be tax advantages.

Discussing your requirements with a lawyer is the first step to setting up a trust. They will be able to give you all the advice you need, and if you decide to proceed they will ensure that your trust deed is robust, legal and outlines all of your wishes.

This article has been provided by Vanessa Hamm of Holland Beckett tauranga lawyers in the Bay of Plenty, New Zealand.

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FAQ With a Tennessee NFA Gun Trust Lawyer

The world of NFA trusts, or gun trusts, is still new to many gun owners. Because of the complex estate planning and federal firearm laws involved, individuals who wish to set up one of these trusts should understand what all is involved. This article will answer many questions and provide a basic overview of the process.

Are NFA items legal in Tennessee?

Yes. Under Tennessee Code Annotated Title 39, Chapter 17, Part 13, NFA items are not considered illegal weapons in Tennessee as long as they are properly registered under federal law.

I've heard about gun trusts and how you can have one if you want to register a suppressor, short barreled rifle, or machine gun. How do they work?

A gun trust is the registered owner of the NFA weapon. Under the NFA (National Firearms Act), guns such as short barreled rifles, fully automatic machine guns, and sound suppressors (silencers) must be registered with the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). It used to be that an individual would register their weapon in their own name, which meant that only they could legally possess that weapon. However, with a gun trust, the trust itself is the registered owner and anyone listed in the trust may legally possess that weapon. These individuals are called trustees, and the person who establishes the trust is the settlor, or grantor. A valid trust must also have at least one beneficiary--that is who will receive the trust property upon the settlor's death.

Is there any limit on the number of trustees? Does a trustee have to be related to me?

There is no limit, and a trustee does not have to be a family member. One of the main requirements is that a trustee in a Tennessee NFA trust must be at least 18 years old and eligible to possess firearms.

Can I list children as beneficiaries?

Yes. Because of age restrictions a child would not be able to be a trustee, but children and minors can be beneficiaries in a gun trust. Once the child becomes of age he or she could be added as a trustee. Provisions can be made in the trust where, if the settlor dies before the beneficiaries are of age, the NFA weapons are kept in a secure place with a responsible adult. A Tennessee firearms trust lawyer can help with this.

So anyone I name as a trustee can legally possess an NFA weapon in the trust without me present?

Absolutely. They have full legal rights to any weapons registered in the trust. In contrast, registration by an individual in his or her own name precludes anyone else from possessing or using that weapon without the owner present.

Can I have trustees in different states?

Yes. Your Tennessee NFA trust lawyer can prepare your documents for trustees in different locations.

Is my gun trust a public document? Does it get filed at court?

No. A Tennessee gun trust is completely private, unlike a corporation which must be filed with the Tennessee Secretary of State in Nashville. You must send an executed copy of your trust to ATF with the rest of your registration paperwork, but you do not file it at court or with your county records department.

What are some other advantages with a gun trust?

You do not have to get fingerprinted or photographed as part of your ATF application, and you do not need to have your Sheriff or chief law enforcement officer sign the application. By listing beneficiaries, you get peace of mind knowing who will receive these highly regulated weapons after your death.

How long does it take to set up this kind of trust? Do I have to come to your office?

As a Tennessee gun trust attorney, I can have your documents back to you in just a few days after receiving all the necessary information. Although my office is in Memphis, I draft trusts for individuals and families all throughout Tennessee. You do not need to come to my office, as the entire process can be done over the phone and through email.

Patrick Stegall is a Tennessee NFA Trust lawyer. Please contact him at (901)205 9894 or email him at pstegall@stegall-law.com for more information on setting up a trust.

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Trust Mislaid

There is little or nothing about the law which is feely-touchy. The law is defined by rules, procedures, and a history of decisions established on a case-by case basis. There are strict deadlines set by statute and sometimes previous legal precedent, which must be met by parties who wish to initiate a lawsuit or take some other type of legal action using the court system. These deadlines are called statutes of limitation and they are usually interpreted strictly by the courts. The law isn't concerned with whether someone knows about these deadlines, as the burden of knowing about them is placed on the party initiating a lawsuit. The reason for this strict interpretation is because evidence to prove one's case may no longer be available after a certain length of time, the party being sued may have destroyed evidence in their possession if not sued in a timely matter, or has been asked to preserve the evidence, or witnesses who can testify may have forgotten the facts, may have moved, may have become ill or may have died. For example, in Pennsylvania, if a person is injured, they generally have two (2) years in which to sue someone if one feels the injury was a person's, company's, etc.'s fault. There are sometimes exceptions which delay, or toll, this deadline, such as if one is a minor, his right to sue extends beyond the time he is 18. In contract actions the statute of limitations is generally four (4) years, but circumstances like fraud may be able to extend that period.

Despite these strict deadlines, I receive many calls each week from:
• people who have either sat on their legal rights, despite knowing they had deadlines, and missed their deadlines to sue;
• people who state they didn't know about these deadlines, and don't feel they should be held accountable for missing them;
• people who state they have been too busy to initiate a lawsuit, or it slipped their mind, or took some other action which they thought tolled the deadlines, but didn't.

Where people took some other action they thought tolled their deadlines, there seems to be similar scenarios. In the first scenario, people have spent considerable time and energy discussing or writing about their issues with their elected city, state or federal government representatives, or their relatives, friends and neighbors. Yet, they never initiated a lawsuit in a timely matter. They are often surprised to learn that they have lost their rights to do so, because these contacts don't toll statutes of limitation, even if the elected representatives state they are looking into one's complaint or situation.
TRUST MISLAID.

Often people will go to the courthouse and speak with a clerk who takes the time to explain the legal process to them. They do this instead of consulting with a lawyer. They then feel that the clerk is the font of significant knowledge, and tend to rely on what the clerk told them, which may or not be correct, and is often misinterpreted and limited, even if it is correct. Even if a clerk is sympathetic and agrees with them, it is a far cry from what is necessary in proving one's case. A clerk's information and/or advice, if incorrect, cannot be the basis of tolling a statute, or even a lawsuit. TRUST MISLAID.

Union members often rely on information the union representative, who is usually not a lawyer, provides them. However, the union representative's advice is usually based on the terms of a collective bargaining agreement, and often doesn't involve other types of legal actions such as civil rights. I have seen many persons miss filing deadlines required to preserve their rights under civil right laws because they are waiting for a lengthy union process to conclude, and their union representative didn't discuss other possible remedies with them. I am not criticizing union, but it is a good idea to consult a lawyer to learn if there are other possible remedies. TRUST MISLAID.

Many people feel that because they have discussed their case with a lawyer, or left their paperwork with a lawyer to review, this tolls their statute of limitation. Unless the lawyer has accepted the case, and there is a written fee agreement signed by the lawyer and the client, the lawyer does not have a responsibility to initiate a lawsuit. Although a lawyer is not supposed to decide at the last minute that he will not bring suit, so as to disadvantage a person, this happens frequently, so a person must diligently follow up with a lawyer, especially if some months have passed without word from the lawyer, or if the lawyer is not returning their telephone calls when they call about the status of their matter. TRUST MISLAID.

Therefore, it is important to preserve one's legal remedies by consulting with a lawyer or lawyers as soon as possible for advice on whether one has a potential lawsuit or remedy. One should not mislay one's trust on the wrong individuals.

By: Faye Riva Cohen, Esquire
Law Office of Faye Riva Cohen, P.C.
2047 Locust Street
Philadelphia, PA 19103
P: 215-563-7776
F: 215-563-9996
E: frc@fayerivacohen.com
URL: http://www.fayerivacohen.com/

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How to Find a Solicitor You Can Trust

Solicitors, despite all the good work they do on behalf of their clients, tend to have a relatively poor reputation and the majority of people have a lack of trust in them.

There are various reasons for this, not least the number of so-called "ambulance chasers" and injury claims solicitors that have cropped up over the last decade or so. The ironic thing is, most established solicitors have been doing that kind of work for years, they just didn't go about finding new business in such an unethical manner.

Regardless though, the new "claim society" in which we find ourselves has damaged the reputation of perfectly trustworthy, perfectly ethical solicitors as much as it has led to a hike in insurance premiums. So the question now is, how do you find a trustworthy and ethical solicitor? What signs should you look for?

I'll try to answer that question for you.

Personal Recommendations

No matter what sort of legal representation you require, try to speak to people you know and trust and get their opinions on the solicitors they may have used in the past. From this you will discover both the good and the bad about the lawyers in your area.

Whether it's conveyancing on a house you're considering buying, you need defending in a criminal case or you're suing for medical negligence, find someone you know who has used a solicitor in the past, ideally for the same thing but that isn't a requirement, and get them to tell you who they used and their experiences with them.

It's not just about the result either. Did your friend or family member receive good service, were they communicated with regularly and in detail, was everything explained to them in a simple and understandable manner? These are important factors when it comes to the solicitor, though yes, it also helps if they actually provided the right result too!

Accreditations

One very simple thing to do is to check a firm of solicitors' accreditations. Using the example of a medical negligence solicitor, you can generally visit their website and see a list of accreditations. For medical negligence look for the following:

Action Against Medical Accidents (AvMA) - this is a charity organisation patient safety and justice for those who have suffered some form of medical negligence. This one is important because they have a clinical negligence lawyer panel. If the solicitors you are looking at has members on this panel, you can put some trust into them.

Solicitors Regulation Authority - this official body issues accreditations only to proven solicitors in various fields, including medical negligence. If the solicitor you're looking at has this, then you can be sure they are a professional outfit.

Law Society - another official body that gives accreditations to trustworthy solicitors firms. Their 'kitemark' is the LEXCEL accreditation. It is awarded for excellence in client handling and legal practices and is reviewed every year. Therefore, if your solicitor can prove it has held it for a number of years, you can put your faith in them.

Successes

Although, as I've said previously, choosing a solicitor should not only be based on success rate, it is still a key component. You would't hire a mechanic who can't fix cars so you don't want to hire a solicitor who can't win cases. When speaking to a firm, ask them about their success rate and in what fields. Ask for examples, don't just accept numbers. Anyone can make those up, especially the untrustworthy solicitor.

Using a combination of the above you can rest easier that the solicitor you choose will do a good joob on your behalf and will treat you in a considerate manner.

Ben Greenwood is writing on behalf of Pearson Hinchliffe, medical negligence solicitors and specialists in claiming medical negligence compensation.

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