As you get older, you think about how you’d like to leave behind assets for your children and beneficiaries. You’ve been an avid collector of guns for many years, so something you’d like to do is to have a trust set up to take ownership of those gun titles.
A gun trust is what you may want to use. A “gun trust” is a generic name for a trust known as an irrevocable (or revocable) management trust. It’s more common to have a revocable version of this trust, but you can also create an irrevocable trust that cannot be changed in the future.
Why would you want to have a gun trust?
You may be interested in a gun trust to help prevent mistakes from happening when guns pass hands during the process of inheritance. If someone inherits a gun that cannot legally have one or who doesn’t meet the requirements, then there could be legal repercussions for illegal possession.
With a gun trust, the beneficiary will need to go through a background check and the identification process before they’ll be able to get the firearm. If they cannot pass, then a different beneficiary may have the weapon passed onto them.
It makes sense to have a gun trust to prevent clashes with the law
Without the gun trust, it’s possible that a person could forget to register the weapon in their name or get one when they should not possess it legally. Those mistakes could lead to felony charges for the recipient, which is the last thing anyone should have to go through due to an estate planning mistake.
If you’d like to have a gun trust, your attorney can help you set it up. It’s better to do this than to make mistakes that could lead to criminal charges for your loved ones.