You might consider your firearms to be part of the legacy you leave behind for your loved ones. If that’s the case, you should make sure your estate plan includes a perfectly legal way to pass on those firearms after you’re gone. You may intend to leave your surviving family with fond memories, but with the wrong approach, you could end up leaving them with a great deal of legal trouble.
Gun trusts are typically used for firearms that are regulated by strict state and federal laws, including the National Firearms Act of 1934 (NFA) and Title II of the Gun Control Act of 1968. These include machine guns, silencers, short-barreled rifles and shotguns, grenades, and others. Once it has been registered with the federal Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), a firearm can be possessed and used only by its registered owner.
Under regular circumstances, registered firearms must be transferred by requesting approval from the ATF and paying a tax. Anyone who wishes to own a gun must have the correct permit and registration—including the beneficiaries of your estate. If you own an NFA weapon and pass away without a proper estate plan, you risk having your loved ones inherit firearms that they would possess illegally. The possible consequences include expensive fines, jail time, and having the weapons seized by the government.
Gun trusts are legitimate estate planning methods that let you pass firearms down to your loved ones. They must take state and federal weapons laws into account, but they let your inheritors avoid the weapon permitting process, which can involve fees, fingerprints, pictures, and certification requirements. A gun trust has several overall benefits:
- It allows you to name one or multiple trustees who each have the right to possess or use the firearms in your trust. It can also last for more than one generation.
- You can transfer your firearms to the trust itself, where they will remain after your death. This lets you grant rights to your inheritors, allowing them to skip the firearms transfer process.
- It lets your guns bypass the probate process after your death. It may also shelter you from gun transfer restrictions that may be enacted in the future.
- In case the executor of your estate is not familiar with gun ownership laws and restrictions, the trust will keep them from accidentally violating the law.
Don’t let your inheritance backfire on your family. The attorneys at Estate & Long Term Care Group are here to guide you through the process of creating your own gun trust, ensuring that it suits your wishes and protects your family. Get in touch with us to discuss your estate plan and make sure your loved ones always have a bright future ahead of them.
Written by ELTC Law Group
