There are many different types of trusts that might make sense for your estate plan, but writing down your goals for your assets and for the transfer of these assets can help you identify the right selection. If you have a large collection of guns, you may want to investigate a special trust specifically for firearms. This can help to provide for clear guidelines about how to handle your collection when you pass away and prevent your beneficiaries from violating the law.
Gun trusts are most often used for weapons that are regulated under the National Firearms Act of 1934 or Title II of the Gun Control Act of 1968. They include short-barreled rifles, short-barreled shotguns, silences, grenades, machine guns, and several other types of weapons.
There are several key benefits of having a gun trust, such as allowing more than one individual to own and use the weapons held in the trust, keeping the gun inside of the trust after the owner’s death to help avoid current transfer requirements, avoiding probate, and preventing some possible future restrictions on the transfer of guns.
A gun trust is not the same as a revocable living trust. In fact, a gun trust can be more complex than a simple living trust because more elements are allowed. For example, a gun trust might have multiple trustees and be established with the purpose of lasting more than one generation. A gun trust will also be based on laws in North Carolina and should be compliant with federal restrictions, so contact a Sanford trust attorney sooner rather than later to get started with your new gun trust.
If you have a special collection of guns, a gun trust may help to provide clear and legal guidelines for firearm transfer.