Gun Trusts Broken Down
In our last post, we wrote to you about what a Gun Trust is. Now we’re going to take a deeper dive into Gun Trusts and the roles of each person involved in the trust.
Gun Trusts should be used to own ALL of your weapons, not just Title II firearms. If you have a large gun collection that you wish to pass along to future generations, a Gun Trust allows you to leave these firearms to others without the involvement of a public probate proceeding. Because the public probate process is avoided, privacy is maximized.
Gun Trusts prevent negative unintended legal consequences such as leaving a firearm to a convicted felon or allowing an underage individual to possess a weapon, which can ultimately result in fines or a jail sentence.
What are the roles of the Trustee?
Trustees are people who can act on behalf of a Gun Trust. A Trustee may use and possess the firearms listed in the trust. Furthermore, the Trustee can also manage the assets and appoint or remove trustees. The Trustee must be eighteen years or older and not a prohibited person to possess items regulated by the NFA. The Successor will replace the original Trustee upon his or her incapacitation or death.
What are the roles of the Successor?
The Successor has the responsibility of transferring the trust’s firearms to the Beneficiaries. Anyone may be a Beneficiary to the trust provided they are not a “prohibited person.” If a minor is designated as a Beneficiary, the Trust will manage the assets until the minor reaches eighteen years of age.
Who can be assigned as a Beneficiary?
A Beneficiary is someone that will receive ownership of the assets listed in the trust.
Now that you know a little more about Gun Trusts, give us a call today to set yours up. We can be reached at 501-221-7776.