There are other reasons a gun trust can make sense. For instance, an NFA Title II weapon, such as a suppressor, can only be used by the person to whom it is registered and no one else. Violation of this law is a felony. Simply letting a friend or family member fire a few rounds with a Title II weapon at the local range or at the deer lease is a felony! A gun trust can be used to allow for the use of the Title II weapon by multiple parties.
Each party who will have access to and use of the weapon must be a co-trustee of the gun trust and must go through the same required background check and identification requirements. It is worth noting that the vast majority of firearms purchased and owned by U. However, it is fair to assume that as gun sales increase, the purchase of Title II firearms will also increase, and the gun trust will be a valuable tool for those willing to go through the rigorous and lengthy process to legally obtain a Title II weapon.
The process includes:. There are several benefits to doing this:. First, most states require an executor to file an inventory of the probate estate. Probate inventories are public documents filed with the court and are available for anyone to see. All firearms included in an estate would be listed on the inventory, along with the market value of each item.
A public document on file in the courthouse with a list of all firearms owned, as well as the value of each, may not be the best outcome for the heirs. If the firearms are owned by a trust, the firearms are not included in the probate estate and will not be listed on the inventory.
Second, if the collection has significant value and will be liquidated at the death of the grantor, a gun trust can also provide for the orderly disposition of the firearms by the successor trustee or remaining co-trustees. Practice Areas. These items are restricted by the National. Get your complimentary copy Get your Free Book. Meet the Team David Goldman, Esq. Neil L. Weinreb, Esq. Elaine Jones, Esq. Submit a Law Firm Client Review. We accept the following credit cards.
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View More. Upon the death of the grantor, the trust becomes irrevocable. Firearms that are subject to the restrictions and laws of the NFA include short-barreled rifles, suppressors, machine guns, and short-barreled shotguns. A gun trust has special rules and provisions that ensure the trustee and beneficiaries do not violate the NFA. There are many benefits of establishing a gun trust, especially if you want to purchase Title II guns.
One of the most obvious benefits is ensuring that your heirs do not accidentally violate NFA provisions. The terms and conditions of a gun trust are intended to prevent some common violations of the NFA.
For example, a potential owner of a Title II NFA weapon must be registered before possessing the firearm, including heirs and beneficiaries. Therefore, if a gun owner dies, problems can quickly develop if the personal representative of the estate is not registered or the intended heir is not registered.
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