In this episode of Fire Away (questions) Dennis talks about what exactly is a gun trust. This is a straightforward description of what a gun trust is, how it’s used, and some key elements that make a Gun Trust completely different from a standard trust.
Basically…a Gun Trust is a legal box to own firearms and certain accessories. It is a “Purpose Built” trust designed to avoid “accidental felonies” by giving you three things…
- Holding LEGAL TITLE to regulated and non-regulated firearms
- Provides LEGAL BENEFITS for lawful beneficiaries selected by the client
- Allows for LEGAL TRANSFERS of firearms by gift, sale, and “sharing” within the law
There are also three parties to a Gun Trust…
- The GRANTOR establishes the trust and funds it
- The TRUSTEE administers the trust (possession)
- The BENEFICIARY receives benefits of the trust
A Gun Trust is designed to MINIMIZE LIABILITY and MAXIMIZE BENEFITS in three main areas…
- Provides written guidance
- Educates Grantors, Trustees, and Beneficiaries
- Provides an Estate Plan for your Firearms and Accessories
Gun Law Community and Fire Away do not provide legal advice. Gun Law Community is not a law firm. Information provided does not create an attorney-client relationship. You must contact an attorney in your state for legal advice.
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Thank you again for taking time to watch this episode…and remember, we are a “Community of Gun Owners.” Please share these with your fellow gun owners so we can help each other and all be the neighbor everyone wants.