What is a Gun Trust?
A gun trust is a legal trust (a trust is a legal entity organized by individuals, like an LLC or a Corporation) used to register firearms and certain accessories, like silencers, regulated by the National Firearms Act (NFA Firearms) with the Bureau of Alcohol, Tobacco, Firearms, and Explosives. The ownership of NFA firearms is heavily regulated in the United States, and a gun trust is used to eliminate some of the red tape to acquire NFA firearms.
Why Have A Gun Trust Lawyer Make a Trust for You?
Allows more than one person to possess and use the NFA Firearms.
If you name more than one person as trustee, each trustee will have the right to possess or use the trust firearms, unless they are already prohibited from possessing any firearm (such as a felon).
Avoid complex NFA transfer requirements when the owner dies.
If you create a trust and transfer firearms to it, you can arrange for the trust to stay in existence even after your death. Those who inherit the NFA Firearms don’t have to pay $200 transfer tax, file an ATF transfer form, receive permission from the local chief law enforcement officer (CLEO), and get fingerprinted and photographed.
When the firearms are held by a trust, they do not need to go through probate at your death.
Avoid possible future restrictions on gun transfers.
Some gun owners worry that it will become illegal to leave certain firearms to inheritors or transfer them during life. They hope that by holding the guns in trust they might be able to get around any limitations if new laws are passed in the future.
Virginia Gun Trust Lawyers
Dealing with the ATF in registering and tracking NFA firearms and accessories is not for the faint of heart. This is one of those things you really must get right. Don’t trust your valuable NFA firearms to a “do it yourself” web site or a $99 lawyer. Work with an expert attorney who understands how to custom-draft a gun trust that complies with local, state, and federal laws. Contact us to talk with a qualified Estate Planning Attorney in Yorktown, VA about your gun trust.