Got valuable firearms? A gun trust can be a helpful estate-planning tool
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For those who have valuable weapons or collect firearms, how the guns should be handled after the owner’s death can be a concern.
If heirs are not experienced, they may fall afoul of state and federal laws concerning safe storage and legal transfer of weapons. Or they might be taken advantage of when it comes time to sell, the Wall Street Journal (sub. req.) reports.
The answer, experts say, may be a gun trust.
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 transfering 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.
“Think about the trust as a means to keep the client safe and legal, and to provide all of the guidance to the heirs and beneficiaries so they stay safe and legal,” managing attorney Matthew Bergstrom of Arsenal Attorneys tells the newspaper.
Because clients may not think to mention a gun collection during the estate planning process, legal and financial experts may want to ask them about weapons, the article notes.
Also see:
ABA Journal: “Florida Lawyer Fashions Gun Trust (and Niche Practice)”
