By putting ownership in trust and designating a knowledgeable person to oversee an individual’s firearms, the chance of such issues arising is minimized. Plus, paperwork requirements for transferring guns are streamlined and the trust prevents information about a valuable collection that might be of interest to thieves from being made public during the probate process.
A recent ABA Journal article, titled “Got valuable firearms? A gun trust can be a helpful estate-planning tool,” explains the benefits of a gun trust.
The thinking behind this strategy? By putting gun ownership in trust and naming a knowledgeable person to look after your firearms, the chance of trouble and issues coming into play upon your incapacity or death is minimal.
In addition, the paperwork requirements for transferring guns allows a smooth transition postmortem.
Remember that probate is a public process, so the trust prevents information about a valuable collection to be easily uncovered by thieves.
The original article says an estate planning attorney experienced with the special nuances of gun trusts can help you keep things legal and provide guidance to your heirs and beneficiaries.
People may not think to list a gun collection as a part of their assets during the estate planning process. Consequently, that’s why an attorney with experience in estate planning can make sure everything is covered.
Reference: ABA Journal (November 10, 2014) “Got valuable firearms? A gun trust can be a helpful estate-planning tool”