Estate planning involves analyzing everything we have and planning on where it goes after we pass. It’s not a pleasant task, but it is an essential step for our family and friends. We don’t want them to be caught up in court for years, fighting for our possessions.
One possession that usually causes problems is guns. They tend to be valuable and hard to handle in court. Luckily, there is a way to ensure your firearms end in the right hands – a gun trust.
The benefits of gun trusts
The most beneficial aspects of gun trusts are the ability to hold personal legal titles over guns and then distribute the firearms after your death. It’s similar to any other trust where the document allows your family to avoid probate court to receive the trust’s assets; in this case, it would be the guns.
Another massive advantage of gun trusts is privacy. Most people tend to create trusts to protect specific assets from court or creditors. Essentially, the trust acts as safe for your most valuable possessions or assets after you pass.
You won’t have to worry about creditors taking your firearms or family members fighting in court over a trust. The trust ensures the guns end up in the right, responsible hands.
How to establish a gun trust
A gun trust works similarly to any other trust; you need an estate planner to help you set up the trust and then you have to decide what type of trust to establish. For gun owners, there are two types of trusts to choose from:
- Revocable NFA gun trust – it allows you to name a trustee, or yourself, to purchase Title II weapons. It also can hold multiple trustees, including family members. There are no yearly fees on this trust so that you will save money on your estate taxes.
- Irrevocable gun trust – it gives people the ability to shield certain assets from creditors. It’s also a great tool to ensure your children or grandchildren receive your gun collection. But it does not transfer ownership. You technically own the guns, but your family can have them in their possession.
Both options have unique benefits for gun owners, but ultimately, it’s up to you to decide which option best fits your specific situation. To make the best decision, make sure to consult with a gun trusts expert in Louisiana. They offer the best advice for each case and evaluate your need for a gun trust.