Do you have questions regarding Gun Trusts?
I have been asked a lot of questions lately as to what a Gun Trust is. Since it is such a popular topic, I decided to post a series of blogs to answer a few of the common questions that are asked:
1) What is a Gun Trust?
A Gun Trust, also called an NFA Trust, Firearms Trust, Second Amendment Firearms Trust, Title II Trust or Class 3 Trust, is a type of revocable living trust specifically designed to legally own, use and transfer Title II firearms. The Gun Trust actually buys the firearm and holds title to it for you. Just as a gun safe protects your firearms by preventing them from being stolen or misused, a Gun Trust is a trust that controls who can use the firearms and how they can safely be shared during your lifetime and then transferred to persons or entities upon your disability or death.
2) What are Title II Firearms?
They are firearms that are covered under the National Firearms Act of 1934 (“NFA”). The NFA is also known as Title II of the federal firearms laws. Some examples are silencers, short barrel rifles, shotguns and machine guns, destructive devices (DDs), any other weapons (AOWs) and other explosives. Your local firearms shop can help you decide if you are subject to the NFA.
Stay tuned to further questions in regards to Gun Trusts. In the meantime, if you have any further questions, please do not hesitate to contact our estate planning attorney at Wood, Atter & Wolf, P.A. to answer any of your questions.
