No, I Do Not Create "Gun Trusts," but ...

I believe you ought to seriously consider having a gun trust so the transfer of your firearms will be glitch-free at your passing. Otherwise, you could be setting up your loved ones for legal problems with state and federal authorities.

And that is never good.

Most gun collectors know the laws they need to follow when dealing with their firearms. For example, they know what they need to do should they want to transfer (sell or give) their firearms to another person. However, their heirs are often not aware of those laws.

That is where the problems come in. 

Recently, the Wills, Trusts & Estates Prof Blog published an article with tips on how to best leave an inheritance containing firearms. The article is titled "Estate Planning for Firearms." 

When you boil the tips down to their distillate, the answer seems simple enough - use a gun trust.

So, what is a "gun trust," anyway?

Suffice it to say this is a special trust that actually “owns” the firearms of the trust beneficiary who enjoys them. Of course, it is not that simple. 

Properly drafting and "funding" a gun trust is something only an experienced estate planning attorney - with special expertise in gun trusts - should undertake.

Period. 

Bottom line: Everyone knows you need to have an estate plan prepared by a professional. But, if you plan on simply leaving your firearms to your heirs in your will, sans gun trust, then you might be getting those heirs in trouble with the law.

Although I am an unwavering supporter of Second Amendment rights, I do not prepare gun trusts as part of my estate planning practice.

That noted, however, I would recommend visiting the GunTrustLawyer website of attorney David P. Goldman. He has a goldmine (pun intended) of valuable and current information on his website.

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 Wills, Trusts & Estates Prof Blog (January 15, 2015) "Estate Planning for Firearms"