At the Meurer Law Offices in Denver, we know a lot of gun owners who are not aware of the importance of a gun trust. Usually used for firearms, these trusts can be used for other weapons as well. Trusts are a great way to prevent family members from violating the law and save them money while preserving your firearms for future generations.
Trusts for Weapons
Typically, gun trusts are used for weapons regulated by federal law, specifically, the National Firearms Act (NFA) of 1934 and Title II of the Gun Control Act of 1968. Weapons included in these laws are silencers, machine guns, short-barreled or sawed-off shotguns, grenades, silencers, and more. NFA weapons must have a serial number and be registered federally with the federal Bureau of Alcohol, Tobacco, and Firearms and Explosives (ATF or BATF).
If a weapon isn’t already registered, it is important to know that it cannot be registered now. It is actually illegal to own. Firearms can only be used and possessed by the registered owner. To transfer a registered firearm, generally, ATF approval must be obtained and a $200 tax must be paid (only $5 for some items). There are also other laws that may be involved as well.
Gun Trust Benefits
The importance of a gun trust includes the ability to avoid some of the federal requirements while achieving other potential goals. For example, if you want to pass your firearms or weapons to multiple individuals, a trust will allow you to do this. After the current owner’s death, you can arrange the gun trust so that the contents remain in the trust avoiding the usual federal transfer requirements.
The trust can also give you the power to grant your beneficiaries specific rights as a part of the trust. There are no federal forms for your beneficiaries to fill out, no fingerprints, and most importantly, no fees. Additionally, you will keep everything out of probate, make things easier for your estate executor, and avoid possible future restrictions on the gun’s transfers.
Understanding a Gun Trust
People are often more familiar with the far more common revocable living trust. Living trusts are used like wills to assign your assets after death. They avoid the hassle and cost of probate court and save money and time for the beneficiaries. Usually, such a living trust dissolves after the assets have been appropriately distributed.
Now, a gun trust is intended to last for multiple generations, can have multiple trustees, and will help everyone adhere to federal and state weapon laws. Because gun trusts can be much more complicated, it is important to use a lawyer who is knowledgeable and experienced with gun trusts, such as the Meurer Law Offices in Denver.
Now that you know about the importance of a gun trust, if you have guns or weapons that you would like to put into a gun trust, contact us here at the Meurer Law Offices in Denver. We can get your gun trust set up correctly and quickly for generations to come. Please contact us today for your free consultation.
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