I sent a PM to a member yesterday who asked the basic advantages / disadvantages question. I'll paste my response below. Please feel free to email me if you have any specific questions. I'm sure others will chime in with their reasons for obtaining a Trust for their NFA items.
Rod
Autoresponder for More Info: NFATrust <<at>> WoodardLaw <<dot>> com
Email for Questions: Rodney <<at>> WoodardLaw <<dot>> com
Advantages?
a. You can legally share NFA items with friends and family--so long as they're not otherwise prohibited from possessing NFA items. If you buy NFA items as an individual as opposed to a Trust, you may not lend the NFA item to even your father. With a Trust, you can appoint your father as a co-Trustee and he's then legally permitted to use the NFA item.
b. You can avoid dealing with (begging) your Chief Law Enforcement Officer to sign the ATF Application. With a Trust, you skip the locals and deal directly with the Feds. Some local LEOs simply refuse to sign the application.
c. You avoid the need for fingerprints and pictures for your ATF application.
5. Disadvantages?
a. It costs you an extra $300 over whatever it would have cost you to buy the NFA item individually.
b. You'll have to spend at least a little time reading the information I supply with my Trust package so you don't screw things up. Don't assume you know what a Beneficiary is or is not entitled to do… as an example. I explain all this in the gun trust package, but you still gotta read the manual...