If you own any firearms, one of the questions you’ll need to address is how to include them legally in your estate.
You might have only one or two guns, or maybe it’s a larger collection. Regardless, there are legal issues with transferring these to your beneficiaries in the event of your incapacitation or death. For example, you might have beneficiaries who can’t legally own or operate firearms. But even if they are eligible, there are still restrictions and a transfer process that need attention and care. You or your beneficiaries could face serious criminal charges if you don’t account for the legal issues.
The role of gun trusts
As discussed in a recent article from Investment News, gun trusts can facilitate the legal transfer of firearms from one individual to another (they might also make the process of purchasing firearms go a little more smoothly, as the trust itself can serve as the entity that buys the firearms). By using the trust, you often don’t need as much paperwork or as many steps towards making the transfer from one gun owner to another.
When it comes to establishing a gun trust, you need to work with attorneys who understand estate law and the relevant state and federal laws for gun ownership, transfers, and sales. For example, even if you live in Texas, you might want to leave one of your guns to a family member who lives in Oregon or Utah. What are the legalities of transferring a gun across state lines? What are the gun laws for those states? (For instance, are certain types of firearms and ammunition illegal in another state?)
The trust document itself can lay out specific guidelines and restrictions for trustees and beneficiaries, so that they’re less likely to accidentally break the law.
Another important point from the Investment News article is that even if you decide not to transfer your firearms, you can make provisions in a trust for their legal sale, with the money going to your beneficiaries.
If you have any questions about this issue, don’t hesitate to contact us. With legal guidance, you can make informed decisions about what to do with your firearms while complying with all the legalities.