For several years now Gun Trusts have gained in popularity, largely with firearms enthusiasts. With an ever increasing number of federal and state gun laws, many of which are unique and sometimes conflicting, and and an estimated 300 million firearms in the United States, it is certain that a firearm will be inherited or administered during incapacity of an owner. Gun Trusts are an answer to providing written guidance specific to possession and transfer of firearms to avoid potential criminal liability for getting these wrong.
Benefits of a Gun Trust. A gun trust can avoid some of the federal transfer requirements and accomplish other goals as well:
Making a Gun Trust. A gun trust is quite different from the common revocable living trust, which is used, like a will, to leave your assets at death. A simple living trust allows survivors to transfer trust assets without going through probate court, which saves time and money after your death. It generally terminates shortly after your death, when the trust assets have been distributed to the people who inherit them. A gun trust may have multiple trustees, be intended to last for more than one generation, and must take into account state and federal weapons laws. If you want to leave guns in trust, consult with a lawyer who has knowledge of the state and federal laws that govern who can legally use and possess weapons and how they must be transferred.