Today, in the United States, almost half a million households report owning a firearm. Furthermore, gun owners have to stay abreast of roughly 20,000 gun-related laws. With gun laws only becoming more and more complex, it’s a good idea to get some help when it comes to transferring ownership, and that’s where Davidson Law Group comes in. Our wills and trusts attorneys can help.
A gun trust helps you avoid probate and avert certain taxes and fees. In today’s blog, our wills and trusts attorneys share the benefits of a gun trust.
Related Post: Benefits of a Living Trust
Why Can’t I Use a Normal Trust?
A trust regarding firearms will require personalized legal advice from someone familiar with the National Firearms Act. This specialized knowledge allows an attorney to safely and accurately draft a trust that protects the gun owner and the owner’s heirs.
Use and Possession
Anyone who is named as a trustee of your gun trust can use the guns held in trust, assuming they meet the applicable legal requirements. This allows the trustees to be exempt from National Firearms Act laws that only allow the registered owner to use the weapons.
Much like other trusts, upon the death of the settlor of the gun trust, you can avoid having weapon assets administered through probate. The trustee simply follows the directions set forth in the trust when handing over assets to beneficiaries. This saves time, effort and fees.
Related Post: How Living Trusts Avoid Probate
No Transfer Issues
Gun trusts can be used to avoid the normal transfer restrictions of (including paperwork, fees, and a lengthy wait). You can set up a trust to continue to exist after your death, so the trustees and, later, beneficiaries, can continue to use the weapons after you are gone.
No Purchase Issues
Your gun trust can actually purchase and acquire weapons after it is created. Because it’s a trust, it doesn’t have to provide a background check, fingerprints or other routine things requested when a person purchases a weapon.
Contact Davidson Law Group
If you own firearms and want to ensure their safety, future use, and freedom from creditors, a gun trust is something to discuss with an attorney at Davidson Law Group. Like any possession, guns often have meaning to their owners that far exceed their monetary value. Let the wills and trust experts at Davidson Law Group help. Contact us in Fort Worth, Allen, or Tyler today.