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According to Pew Research , 30 percent of adults in the United States report owning a firearm. Gun sales have risen in recent years, particularly during the Coronavirus pandemic. While many reported having weapons for protection and hunting, 6 percent owned guns that were family heirlooms.
If you own a firearm of monetary or sentimental value, you may wonder how to transfer ownership to your loved ones after you die. In addition to creating a will, you may want to make special arrangements for your weapon.
A gun trust, also known as a firearm or NFA trust, is a legal entity created to hold and manage guns. Creating a gun trust can help you pass down your gun to your loved ones, shielding them from probate. It could also help you give ownership to several individuals.
A trust is a legal arrangement where the original owner (the grantor) designates an individual (the beneficiary, or multiple beneficiaries) to receive an asset. When something is held in trust, a trustee is responsible for its management.
Trusts can shelter many types of property from probate, in which the court oversees the distribution of an estate. Property that trusts can safeguard includes real estate, bank accounts, and personal possessions such as a jewelry collection or weapons.
Some trusts are revocable, meaning the grantor can change their mind and terminate the trust. Others are irrevocable, so the person making the trust cannot unravel the arrangement. Gun trusts can be revocable or irrevocable.
Creating a gun trust can make it easier for gun owners to comply with the National Firearms Act (NFA), particularly when multiple people want to use the weapon and when the owner intends to transfer ownership.
Congress passed the NFA in 1938 to curb the sale of firearms. The Act imposes specific requirements and regulations on firearms classified as Title II weapons, which include the following:
The Bureau of Alcohol, Tobacco, Firearms, and Explosives requires individuals intending to own an NFA weapon to complete an application and registration. Registration includes paying a tax and obtaining a tax stamp for each NFA firearm. Those purchasing or possessing NFA firearms must undergo a background check and provide fingerprints as part of the application process. The bureau denies any applications violating federal, state, or local laws.
Gun trusts have several benefits.
While some retailers and online vendors offer gun trust templates, working with a qualified attorney is best. The consequences of a mistake can be severe, and the trust must comply with the law. Speak with us to learn more about creating a gun trust as part of your estate plan.
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Disclaimer: The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.
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