NFA Firearms and Gun Trust
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Understanding Gun Trusts in Colorado
A gun trust is a specific type of trust created by a firearms owner for the purpose of dealing with issues such as owning, possessing, using, shipping, transporting, receiving, delivering, transferring, or disposing of firearms. A gun trust is a legal entity, so one becomes the legal owner of the gun when the trust is transferred or purchased.
A gun trust is a personalized legal agreement that states the specific terms of use, possession, ownership, and transfer for particular firearms. For example, a trust can explicitly explain the way that guns will be managed if the grantor of the trust were to pass away or become incapacitated. This can help ensure that the property can be owned and used by more than one person and streamlines the transfer process.
Gun trusts fall into two main categories:
- Revocable gun trusts - Revocable gun trusts are more flexible in the sense that they allow for modifications at any time. This means that if the owner wants to change the co-trustees, they have the ability to do so.
- Irrevocable gun trusts - As the name would suggest, this type of gun trust simply means that the trust cannot be amended after it is established or that it becomes irrevocable upon the death of the settlor.
What is the NFA Gun Trust?
Gun trusts are also referred to as NFA trusts because they are often created for the purpose of owning property subject to Title II of the National Firearms Act (NFA). One of the most important reasons to establish a gun trust is to ensure that the heirs of the property do not violate NFA provisions inadvertently. A gun trust also allows for an orderly transfer of the weapon upon the death of the grantor to a family member or other heir.
Other benefits of establishing a gun trust include:
- To allow for the use of the Title II weapon by multiple parties
- Protecting the privacy of the firearm owners
- Allowing for the disposition of the property
- Covering the possibility of incapacitation
- Paving the way for those who inherit the property
- Helping the executor of the estate avoid unlawful transferring
- Avoiding probate of the firearms after death
- Avoiding possible future restrictions on gun transfers
- Assuring disposal of the weapon will not be required by law upon the death of the grantor
How to Set Up a Gun Trust with an Experienced Lawyer
At Cantafio & Song PLLC, our team has diverse educational backgrounds and practical legal experience, and we will work to maintain your rights and responsibilities when it comes to gun ownership and transfer. Working with one of our lawyers will help you set up a trust that only applies to your firearms. This is the most highly regulated form of personal property in the United States of America, so owners will benefit from having a trust that is specific to them and where they live. This is especially useful for those who want to own and use guns that are regulated under the National Firearms Act, or NFA.
A gun trust can have multiple trustees and can even be intended to last for multiple generations. It will also consider state and federal weapon laws that apply. In order to successfully establish a trust, we recommend consulting with a lawyer with experience in this area of law, like the lawyers on our trustworthy and reliable team. This will help you avoid being scammed into buying an NFA trust online, which is a common issue that those who do not consult a lawyer encounter and rarely covers the specifics of the gun owner’s circumstances.
Our team will be aware of the relevant documentation you will need to establish your trust and will help make sure that no boxes are left unchecked. We will also be an additional source of support for you throughout the process. This process can be even more complex than typical estate planning, but having an experienced lawyer on your side will make even the most intricate situations seem simple.
If you would like to establish a NFA Firearm and Gun Trust in Colorado, the team at Cantafio & Song PLLC can give you the legal support you need. Give us a call at (888) 458-0991 or contact us online to learn more.
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