Many people get confused about Gun Trusts and dont quite understand the legality and the process behind receiving a Gun Trust. Gun Trusts have been around for quite some time, but recently, there has been a lot of movement in applications and interest due to new laws and regulations put in place in Washington. There are many questions out there and we have answers that we are going to supply you so you can understand some of the top questions.
What is the benefit of a Gun (NFA) Trust?
There are numerous benefits to getting a Gun Trust versus other trusts that are not as reliable or legally stable. The first benefit of a gun trust is no yearly fee. Another benefit of getting a Gun Trust is that there is no filing requirement and the trust document and assets remain private. A new benefit to getting a Gun Trust is the fact that no fingerprints, photos, or CLEO signature is necessary. A Gun Trust also has much quicker processing because the fingerprints do not have to be sent to the FBI. One final benefit to Gun Trusts is the ability of anyone who is a trustee to be able to lawfully possess the weapons. This is an important factor because without a Gun Trust, this process can be long, drawn out and very stressful.
If I currently own NFA firearms, can I transfer them into the trust without incurring a transfer fee?
Unfortunately, you cannot. The trust is a separate legal entity and a tax is required to be paid for any transfer into it.
My dealer is offering to draft a Trust for me, is that ok?
Many dealers offer to draft a trust for their clients but it is very important to make sure that they are legally able to do so. Unless your dealer is an attorney or he or she is having an attorney draft each trust, then they are not able to draft and finalize a legal gun trust. The unauthorized practice of law and is illegal and both your dealer and yourself could get into trouble. Several dealers are attempting to offer Gun Trusts because it is a new service to offer clients who are most likely highly interested in one. Like stated above, it is vitally important that you make sure that the gun trust that they are offering you is completely legal. If you are unsure that it is, then it probably is not. If the trust is invalid and firearms have been transferred to it, the trustee, it is bad news because the person who received the gun is not legally allowed to possess it. You always need seek out competent legal advice for gun trusts.
Can my infant son or daughter be a beneficiary of a Gun (NFA) Trust?
Yes, provided that the trust document properly handles this situation. The trust can be designed so that the trust will continue to hold the firearm(s) until the beneficiary reaches the specified legal age of possession.
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