I. What is a Gun Trust?
If you own a firearm and want to ensure that it gets passed down through your estate to a designated person, a gun trust is the best option for you. A gun trust is a secure and living document that ensures your guns are owned and transferred legally through your estate. This document places your weapons in a trust where it is then owned and operated by the beneficiaries of the trust. North Carolina gun trusts must be drafted under the National Firearms Act (NFA) per the regulations of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF). Weapons covered under the NFA include fully automatic machine guns, short-barreled rifles (SBR), short-barreled shotguns (SBS), silencers for firearms, and any other weapons (AOW- cane guns, knife guns, pen guns, etc). Non-NFA-regulated weapons, such as conventional pistols, may also be placed under a gun trust if desired, but are governed by state laws. By implementing a gun trust, the firearm owner and any future heirs become verified and documented owners. A gun trust is encouraged during estate planning as it is essential to asset protection when guns or other weapons are part of an estate’s inheritance.
II. What are the Requirements to Obtain a Valid Gun Trust?
To create a valid North Carolina gun trust, all you need are the necessary NFA forms. With a North Carolina gun trust, you can legally own and transfer NFA-covered weapons without having to provide photographs, or fingerprints, or obtain approval from a chief law enforcement officer.
III. What are the Benefits of Having a Gun Trust?
Gun trusts grant vast legal protections. The laws that govern gun ownership vary greatly from state to state. A valid gun trust protects gun owners by complying with all state and federal laws. Failure to adhere to applicable gun laws when creating a gun trust can have serious consequences for the owners, including possible jail time and extensive fines. Having a valid gun trust in place will assist you in avoiding legal ramifications for exercising your constitutional rights.
Gun trusts allow for multiple trustees, meaning that several people can legally possess and use the firearms held by the trust. This is beneficial for families who want to ensure that their firearms are passed down to future generations, or for family members who desire to own firearms jointly.
Gun trusts also create ease in transferability past the life of the original gun owner. The probate process is a matter of public record, and without a gun trust, your heirs’ gun ownership will likely become public knowledge through this process. Having a gun trust allows you to bypass the probate process wholly, authorizing you and your heirs to own your firearms without any public record that practically anyone could find. These documents facilitate the maintaining of privacy in your gun ownership. Even if you become incapacitated or deemed legally incompetent, gun trusts facilitate the transfer of firearms directly without extensive or complicated processes.
IV. Contact Us!
Smith Dominguez PLLC can assist you in preparing the proper documents to create your gun trust, giving you the confidence that you and your assets are properly protected. For legal advice and assistance drafting your gun trust, please contact us at (919) 390-3521 to schedule your initial consultation.
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