Understanding Gun Trusts and How They Might Be Right for Your Estate Plan
When you are creating your legacy for yourself and your loved ones it is important for you to consider what you want to have happen at a time you are no longer here. You will want to think about what you want for yourself, for each family member, for your business, and for your possessions. When you know what you want to achieve, your experienced Florida estate planning attorney can work with you to bring your goals to life and ensure that you have the legal documents you need to achieve your goals.
As you look at your estate, it will be important to think through and identify your assets so you can let your estate planning attorney know and he can create a plan that provides for each asset. Different assets need different structures to effectively pass to the next generation. One such asset is your firearms.
Do you own firearms right now? What do you own? As a gun owner you know there are different types of weapons and different categories of classification by the federal government. The National Firearms Act (NFA) of 1934 and Gun Control Act of 1968 governs the sale, transfer, and possession of specific types of firearms which can include, but not be limited to, machine guns, silencers, rifles and shotguns. As you know, NFA weapons have a serial number and must be registered with the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). Further, only the owner under this record may use and possess these weapons.
These types of assets must be planned for. A gun trust, also known as a firearms trust or an NFA trust, may be created but at the heart of this type of trust is ensuring the legal transfer of your weapons to the next owner. This could be during your lifetime or, if we are planning for your legacy, at the time of your passing. This trust should be created with an experienced Florida estate planning attorney to ensure it will meet the requirements of both state and federal laws when you need it to. It is important to note as well that when a firearm is placed in this type of trust, it can have multiple owners who can enjoy possession and use of it.
While the first goal is to create your legacy and the second goal is to ensure that your goals for your legacy can be met through your Florida estate plan, equally important, and the reason many of our clients seek trust planning to begin with, is privacy. A gun trust can ensure the ownership of your firearms is private as a trust agreement does not become part of the public record and your guns will not pass through the probate process at the time of your death.
We understand this blog raises more questions than it answers. Our estate planning law firm takes a very different approach from what you might have come to expect. Our goal is to create lifelong relationships with each of our clients, to guide and manage your legacy for the rest of your life. Please contact our offices in Stuart and in Palm City to learn more.