Firearms Trusts: Who Needs Them and Why?
Approximately one out of every three Americans own a firearm, with many owning more than one. Possessing such a heavily regulated item requires unique solutions for sharing, gifting, and transferring such property. Yet, many gun owners commit accidental felonies when trying to use and share their firearms. Gun trusts exist to prevent this, giving owners the freedom to use and share their property according to their wishes.
Navigating NFA Weapons:
The National Firearms Act of 1934 mandates specific requirements for weapons such as machine guns, short-barrel rifles, short-barrel shotguns, silencers, explosives, and any other weapons (AOWs). Such weapons must be registered, and owners must undergo background checks in addition to specific transfer and possession requirements.
Accidental felonies can occur when ‘constructive possession’ occurs with a non-registered person. If a roommate or family member has knowledge and ability to access a weapon, it is considered constructive possession. For instance, a spouse who is not a registered owner may be committing an ‘accidental felony’ along with the owner if they can access an NFA weapon. This could open them and the firearm owner to fines, penalties, and imprisonment if prosecuted.
Transfer of NFA weapons can also lead to accidental felonies. This includes selling, giving away, and even loaning the weapon. So, if a registered owner were to lend a silencer or other NFA-defined weapon to a friend, this friend would now be in felonious possession. By naming beneficiaries in a gun trust, this accidental felony can be avoided. Gun trusts still allow for recreational use and enjoyment of such property now and help protect the owner’s interest and best wishes.
Why Are Gun Trusts Valuable?:
Shared Access/Ownership: Gun trusts can allow beneficiaries listed in the trust to possess and use firearms. This creates ease of access for those in the trust and helps to prevent accidental felonies from occurring.
Ease of Transfer: When beneficiaries are named in a gun trust, NFA firearms may be easily transferred according to the law.
Probate Avoidance: The firearms in a gun trust pass directly to the named beneficiaries, so probate can be avoided, and the executor of the estate can avoid potential legal problems. Probate can also be expensive, so preparing for the transfer of firearms ahead of time can save money later.
Whether your firearms hold monetary or sentimental value, ensuring that they are transferred according to your best wishes can be accomplished through a gun trust. They allow owners to enjoy their firearms responsibly in their lifetime and ensure seamless transfer to future generations. By adhering to federal and state regulations, you can know that your firearms will be handled according to your wishes.
If you own NFA weapons, consider the protection provided by a gun trust. It can help preserve your legacy for future generations and give you the freedom to use and share your property responsibly according to the law. HB Law can provide uniquely tailored solutions, such as gun trusts for special assets like firearms, to best meet your needs.