What Is A Gun Trust And How Does It Work

Gun ownership is significant to many and those rights are significant to you and those who you protect. A gun or firearm trust could be just what you need to help you to streamline the purchasing of guns but also to avoid problems if you become disabled or die, as well as to reduce the potential of an accidental felony by avoiding the unlawful sharing, gifting or selling of a gun. By holding your guns in a trust you can utilize your collection of firearms under the law and reduce potential exposure penalties for managing them incorrectly.

The National Firearms Act enacted in June of 1934 ("NFA") was meant to establish parameters for the sales, ownership and transfer of firearms. The NFA requires that all firearms be registered and taxed when sold.

What is a Gun Trust?

A gun trust is a contract or agreement designed to handle the ownership and management of NFA weapons. Under the NFA a single trust may be used to register multiple firearms. It is a revocable living trust which is tailored specifically to own fire arms, specifically helpful for Title II (or also known as Class 3) weapons such as auto machine guns, suppressors, short barreled riffles/shotguns. A gun trust is geared specifically for firearms, with flexibility for you to modify it when needed and determine the terms under which you will use and share your guns.

How does a Gun Trust work?

The trust is set up granting power to a trustee to administer or take care of the assets in the trust (i.e. the firearms) for the benefit of those individuals named in the trust document. The trust can be established with multiple trustees, and those trustees then have the ability to use the firearms held or owned by the trust without the need to pay additional registration fees or risk problems with unlawful transfer/possession of the firearm. The trust is established with your guns and any accessories for firearms that you own. The trust is designed so you can be both the trustee as well as a beneficiary.

Why would I want a Gun Trust?

1) To have an entity to make it easier to acquire NFA firearms.

2) No need to obtain the signature of your local Chief Law Enforcement Officer (CLEO) for the application to the BATFE to acquire the weapon.

3)To avoid the requirement to provide fingerprints and photographs with the BATFE application.

4) To determine how your firearms are used.

5) To avoid probate upon your death.

6) To have rules and instructions to help prevent accidental felonies when others use your weapons.

What is an Accidental Felony?

Federal, state and local laws control registration, possession and transfer of ownership of firearms. These laws control possession of a firearm even when shooting temporarily. A transfer/possession violation can exist even when there is no intent to commit a crime and thus the transfer/possession alone is considered a felony.

How we can help you:

Schedule a free initial consultation by clicking here to send a message  and we can evaluate your needs and explain the options you have to not only protect yourself and your firearms investment but also taking care of the succession and distribution of your firearms when you pass.

Categories: : Trusts, Gun Trusts