It is good if you want the rest of your family being able to use it legally.
If you die all items have to go to a Class III dealer for $200 stamps for each item or they have to be destroyed. Its a lot of money to risk in case something were to happen.
Is this the Form 5 you are referring to?
https://www.atf.gov/firearms/docs/f...nsfer-and-registration-firearm-atf-form-53205
They talk about a few things, they do mention NFA, but it looks more confusing then anything. I'll stick with a Trust.
I just went through this process not 2 months ago. Personal situation first: no intention of letting others use the items without my precense, and none in my family are interested. That being said I initially purchased a trust and ended up not using it: reason being the successors and benefactors have to submit two fingerprint cards and two passport photos with the trust along with you, and resubmit every time items are added if you are outside the two year limit since the last addition. Fingerprints are 5$ for two and photos are 15$ for two. 20$ total for each person plus the hassle of getting this coordinated was not worth it to me just to share my items.
Form 5 tax free transfer has to be done either way when you die...I believe
It appears my information was incorrect on some of the statements for trusts.
What I know is, Trusts are very valuable. Everyone is doing it. Hence why trusts are taking so long to approve NFA items for trusts. It protects my family and my valuables. 41F rule didn't have the negative affect that some may think it did.