For clients who have a collection of firearms, they can bring them into their estate plan and ensure they go to the right beneficiaries via a gun trust.
What will happen to your gun collection when you pass? Do you have plans to gift the firearms to your heirs?
Most gun collectors know the laws they need to follow when dealing with their weapons. They know what they need to do if they want to sell or give those guns to another person. However, the collectors' heirs are often not aware of those laws.
That can cause people who inherit guns to unwittingly break the law, which can possibly lead to big trouble.
Recently, the Wills, Trusts & Estates Prof Blog published an article that suggests how to best leave someone an inheritance containing firearms. The article is titled "Estate Planning for Firearms."
The answer seems simple enough, use a gun trust. This is a special trust that will actually have “ownership” of the firearms. The advantage is that the gun trust is set up by a professional who knows how guns need to be transferred to comply with the law.
Of course, it is not that simple.
Properly setting up a gun trust is something that only a professional estate planning attorney with special expertise in gun trusts should undertake.
Thus, if you have a gun collection, you need to have an estate plan done by a professional. If you plan on just leaving your guns to your heirs in your will, you might be getting those heirs in trouble with the law.
Do you have a collection of guns and want to make sure they are properly accounted for following your passing? Contact Heritage to learn more about gun trusts.
Reference Wills, Trusts & Estates Prof Blog (January 15, 2015) "Estate Planning for Firearms"