Estate planning is a process that is unique to the individual and his or her goals. With different objectives and needs, each Nevada adult seeking to plan for the future would be wise to consider the specific tools appropriate for the unique situation. For example, gun owners may benefit from establishing a specific type of trust that will allow them to control what happens to these valuable assets.
Gun collectors have various legal factors to consider. A gun trust is simply a type of trust that gives title to certain types of firearms, and it can be either revocable or irrevocable. A revocable gun trust is a more popular option as it provides the ability to revisit the terms and amend them over the course of a gun owner’s lifetime.
Is it right for you?
The need for this type of trust depends on the types of guns you have. Specifically, this type of trust is ideal for those who have Title II firearms. This includes short-barrel shotguns, automatic machine guns and certain guns with suppressors.
It is actually a felony offense for anyone other than the owner to posses or even shoot a Title II weapon. A gun trust allows you to transfer ownership of the gun upon your death legally and without breaking any federal gun control laws. It can also allow others to legally use your weapons during your lifetime.
Appropriate transfer of your weapons
In order for your heirs to receive ownership of a gun you bequeathed to them in your trust, they will have to go through a background check before they can take possession of the firearm. If you wish to use a gun trust to allow others to use the firearms during your lifetime, they will need to be co-trustees of the trust.
Co-trustees will have to go through a background check as well. This type of trust can be a useful tool for those who want to own Title II weapons and make sure they end up in the right hands in the future.
Trusts and other estate planning tools
You may need a trust to complete your estate plan and give you the appropriate amount of protection you need for the future. An assessment of your case can help you see what tools you may need for the future and ensure your property goes where you want it to go. A trust and other tools can give you peace of mind regarding your long-term interests and those of your beneficiaries.