If you own a firearm in Colorado Springs CO, or a gun collection, you may want to create a gun trust as you develop your estate plan. Though gun trusts are not required, they can make it easier to transfer your weapons to others, especially if you own certain weapons restricted under federal law. Here are a few common questions about contrasts and why you may want one.
Question1.WhatisaguntrustandwhywouldIneedone?
Under the National Firearms Act, the sale, use and transfer of specific types of firearms is restricted. These firearms include sawed-off weapons, automatic rifles or machine guns, as well as silenced or suppressed weapons. Owners of these types of firearms can use a gun trust to avoid certain procedures required under the law, making it easier to transfer your weapons as part of your estate.
Question2.Whyisitcalledaguntrust?
A gun trust is a form of revocable living trust, and in that respect it is the same as other trusts you may form. The trust has a trustee that will manage the firearms, a beneficiary who can use the weapons, and a trustor who creates the trust. However, not just any revocable living trust can be used, as the gun trust must contain specific provisions that allow for the firearms restrictions under the national firearms act.
Question3.CanImakemyowntrust?
While there is no legal requirement you hire a lawyer to create your gun trust for you, violating federal firearms laws can pose significant penalties. For example, if you do not create your firearms trust correctly, the trust may be deemed to be invalid in any transfers made, which could result in criminal sanctions such as fines and even imprisonment. You should speak to your estate planning lawyer if you want to create gun trust so you can be sure you do it correctly.