The right to keep and bear arms is one of the most hotly debated topics on the American agenda. Some people love guns while others detest them. If you happen to be one of the former, then you may have a significant collection of firearms as part of your estate assets. If so, a firearms trust may be an estate planning tool for you to consider.
A firearms trust operates in the same basic manner as any other trust, except it is funded with firearms. The benefit to creating a firearms trust is that it creates a safe and legal way to transfer your firearms to beneficiaries after your death. Why is this necessary? Because local, state, and Federal laws may make simply handing them over to a beneficiary illegal.
Whether it is a local, state, or Federal law, at least one law governs everything you do with a firearm from purchasing and selling to using and transporting. Because of this, bequeathing your collection to someone in your Last Will and Testament may run afoul of various laws.
A firearms trust allows the trustee to take the time to make sure that any transfer is done legally and according to all applicable laws at the time of transfer. In addition, a firearms trust offers the advantage of having someone of your choosing, namely the trustee, verify that your intended beneficiaries have the maturity and stability to warrant owning the collection. Talk to an estate planning attorney experienced with firearms trusts if you think such a trust may be a beneficial addition to your estate plan.
Latest posts by Timothy P. Murphy (see all)
- Differences Between a “Conservator” and a “Guardian” - January 19, 2019
- Who is Eligible for Veterans Aid and Attendance Benefits? - January 17, 2019
- Is It Hard to Contest a Will? - January 15, 2019