As more and more Americans are exercising their Second Amendment rights, attention should be given to protecting and preserving valuable firearms and even collections. This is especially important when it comes to the postmortem transfer of ownership and even the eventual sale of the firearms.
This was the solution proposed by experts quoted in the most recent issue of the ABA Journal, in an article titled “Got valuable firearms? A gun trust can be a helpful estate-planning tool.”
By putting gun ownership in trust and naming a knowledgeable person to look after your firearms, the chance of trouble and issues coming into play upon your incapacity or death is minimized.
In addition, the paperwork requirements for transferring guns allows a smooth postmortem transition.
Remember: Since probate is a public process, a gun trust prevents information about a valuable collection to be easily uncovered by third parties, to include thieves.
The original article recommends consulting an estate planning attorney experienced with the special nuances of gun trusts can help you keep things legal and provide guidance to your heirs and beneficiaries. Personally, I personally refer my clients to David Goldman at www.guntrustlawyer.com. *David is a firearms expert with a national practice in this specialized area of the law.
People may not think to list a gun collection as a part of their assets during the estate planning process. Consequently, that is why an attorney with experience in estate planning can make sure everything is covered.
*I have not received, nor will I receive, anything of value for this endorsement.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri) and to download free tools to help you organize your estate, visit my estate planning website.
Reference: ABA Journal (November 10, 2014) “Got valuable firearms? A gun trust can be a helpful estate-planning tool”