NFA Gun Trusts
What is a Gun Trust?
A gun trust is special type of trust designed to address issues that are unique to firearms. Most gun trusts are highly customized revocable living trusts that address the use, possession, and transfer of firearms. Most gun trusts determine how a single person or a married couple’s firearms are to be managed during his/her/their lifetime, in the event of his/her/their incapacity, and also upon his/her/their death. Because firearms in the gun trust pass privately to the beneficiaries outside of the probate court process, many people also assign their non-NFA firearms to their gun trusts. A well-written gun trust can serve as a comprehensive estate plan for all of the settlor or settlors’ firearms that are assigned or acquired by the gun trust.
What are the Main Benefits of a Gun Trust?
Two of the most important benefits of a gun trust are:
(1) NFA firearms registered to a gun trust can be used and possessed by more than one person. The settlors of the gun trust can add or delete persons who are allowed to use and possess the NFA firearms throughout their lifetimes. NFA firearms registered to an individual can only be used and possessed by the registered individual during the individual’s lifetime.
(2) NFA firearms registered to a gun trust pass to the beneficiaries of the gun trust outside of the probate process according to the terms and conditions of the gun trust agreement prepared by the settlors. NFA firearms registered to an individual pass to their beneficiaries according to the terms of the individual’s last will and testament, which is probated in a probate court and provided to the ATF during the transfer process so the executor can prove to the ATF that the individual intended to transfer the NFA firearms to the beneficiaries.
We draft NFA Gun Trusts for Clients throughout the state of Louisiana. Clients unable to meet in our Baton Rouge or Shreveport offices need only have the trust witnessed & notarized. We charge a flat fee of $300 to draft a Gun Trust that will meet your individual needs.