If you have a gun collection and have begun your estate planning, you may have heard about a gun trust. While a gun trust is not necessary for all firearms owners, many gun owners choose this method to transfer their firearms more easily. Here are three common questions about gun trusts and what you need to know.
Question 1: What is a gun trust?
Answer: A gun trust is a special type of revocable living trust. It allows gun owners to transfer their firearms to new owners after they die without having to go through various procedures as required under federal law.
Question 2: What types of guns are covered under a gun trust?
Answer: Though anyone can use a gun trust, they are primarily created to transfer firearms that fall under the restrictions imposed by the National Firearms Act. The firearms included are those that fall under Title II, and include weapons that are suppressed or have silencers, short barreled weapons, as well as machine guns.
Question 3: What are the benefits of a gun trust?
Answer: By creating a gun trust, you will be able to transfer your title to weapons without having to get approval from your local chief law enforcement officer. Instead, you can send the transfer application directly to the Bureau of Alcohol, Tobacco and Firearms, saving a lot of time and effort. The firearms can then be owned by any trustee of the gun trust, and may be used by any beneficiary under the trustee’s authority.