Estate Planning: Gun Trusts

 Posted on December 08, 2022 in Estate Planning

Kendall County Gun Trust Lawyers: Serving Plainfield, Yorkville, Oswego, Plano and Surrounding Areas

What is a Gun Trust?

A gun trust (also called an NFA trust) is a type of trust designed to take title of your firearms and certain firearm accessories. As creator of the trust, you will name a person as trustee that will manage the firearms in the trust. If you name yourself as trustee, you will also name a successor trustee that will manage the firearms should you become incapacitated or at your death. Gun trusts can be revocable or amended by you, the creator, which is specified in the terms of the trust.

Firearms that are covered under the National Firearms Act and Gun Control Act of 1968 qualify for this type of trust. Types of firearms covered include fully automatic firearms, short-barrel shotguns, short-barrel rifles, and any other weapon or device that a person can hide on their body that discharged an explosive. Along with those firearms, the qualifying firearm accessories include sound suppressors and destructive devices (for example, grenades or bombs). A gun trust provides a number of benefits for gun owners interested in protecting not only their firearms, but also those who they wish to inherit their firearms after their death.

What are the Benefits of Creating a Gun Trust?

There are several benefits to creating a gun trust. One benefit is protecting yourself, as the gun owner, from future firearm restriction laws. For example, if a law is created after the creation of your gun trust that restricts or completely prevents the transfer of the type of gun in your trust, the trust may exempt you from those restrictions.

A gun trust also allows for more than one person to own and possess a firearm if that firearm’s title is located in the trust. This allows for more than one person to use or possess the gun if they are named as trustees in the trust.

Additionally, the creator of a gun trust has the ability to specify that the trust should continue after their death. This avoids a transfer tax, tedious paperwork, and other formalities normally required by the ATF (Bureau of Alcohol, Tobacco, Firearms, and Explosives) to transfer the rights of a firearm when an owner dies.

Further, like any trust, having a gun trust allows the beneficiaries of the trust to avoid the cost and time of probate court and, at the same time, protecting your privacy as probate cases are public information. A trust is private and generally not accessible by the general public.

Finally, a gun trust can give legal protection to those inheriting a firearm. It is no secret that firearms are heavily regulated by both the state and federal government. For this reason, an improper transfer of a firearm can result in potential legal consequences, even up to felony charges, regardless of whether the transfer was in bad faith or not. Thus, the importance of a having a proper, legal plan for your firearms is always a wise decision for yourself and your heirs.  

Experienced and Reputable Gun Trust and Estate Planning Lawyers in Oswego, Yorkville, and Sandwich, Illinois

Estate planning is strongly recommended for everyone. Without a proper plan in place, the process of settling a person’s estate after they die can be emotional, costly, and overwhelming for the loved ones that are tasked with doing so. Planning ahead of time can help protect beneficiaries of your property, reduce the amount of taxes taken by the IRS when transferring assets, and helps to eliminate family disputes that can arise during the distribution of an estate. Hiring an effective and experienced estate planning attorney is critical so that you know you are making the best decision for yourself and your family and that it is being done properly, according to the law. At Peace of Mind Asset Protection, LLC, we have the proper knowledge and experience to assist with the best estate planning option for you. Contact us today at 630-882-2467.