Common Mistakes to Avoid When Creating a Gun Trust
At McChain, Miller, Nissman, we are determined to help our clients make the absolute best plan we can to protect them and give them peace of mind. So, today, we’re sharing common mistakes to avoid when creating a Gun Trust so you can make sure you’re totally protected when you make your Gun Trust.
1. Failing to appoint a necessary individual as a trustee
Constructive possession occurs when one leaves a NFA firearm where a family member or loved one can access it. One of the main benefits of a Gun Trust is to avoid this issue. When someone has a NFA firearm without a Gun Trust, he or she is the only individual that can be in actual or constructive possession of that firearm. It is extremely important to have everyone that has access to your NFA firearms as a Trustee to your Trust.
2. A Prohibited Person cannot be appointed as a trustee
Prohibited Persons are unable to own Title II weapons.
3. Legally transferring all assets to the Trust
It is important to make sure that all desired weapons are legally transferred to the Trust. The Trustees may only legally use the firearms that are owned by the Trust. It is a simple mistake to use a weapon that has not been legally transferred to the Trust.
4. All Trustees must be able to attend the notarization
Notarization is what makes the Gun Trust come into existence. The law differs per state on whether a Trustee must be present for notarization of the Gun Trust. This is important to consider when including Trustees that may be unable to attend the notarization. In Arkansas, all Trustees must be present at the notarization.
6. Not all NFA weapons are legal in every state
An understanding of state law can fix this issue. Some states only allow certain NFA weapons to be legally owned, while other states allow all NFA weapons to be legally owned. Before creating the Gun Trust, it is vital to make sure that all of the NFA weapons in the Trust are legal to own in that particular state. Arkansas allows for all NFA weapons to be legally owned.
When you create your Gun Trust with us, we take all of these things into consideration plus much more. Give us a call at 501-221-7776 to set up your Gun Trust today.