If you own a firearm in Arizona, you want to prevent your heirs from facing issues, such as felony charges, when they receive it. The first step is to understand what a gun trust is and how it works in estate planning. For this and more information, keep reading.
What is gun trust?
A gun trust is a legal document that allows you to transfer a firearm to beneficiaries without hassle, risk of criminal charges or other issues. The main idea behind estate planning with a gun trust is a smooth asset transfer in case of death or incapacity.
A gun trust is useful in estate planning because it allows you to include precise instructions on how your heirs should use the same, where they can keep it, and their responsibilities when carrying or using the firearm.
What are the benefits of having a gun trust?
First of all, it helps you control how your firearms become handled and used after incapacity or death. If an heir technically takes possession of them without licensing, they can face charges. Secondly, estate planning with a gun trust allows you to appoint trustees who will manage the firearm after death or incapacity. You can also limit their permission for using it by requiring them to go through additional legal steps before doing so, such as contacting authorities and providing proof of proper storage arrangements.
Thirdly, it always helps to simplify estate planning. If you have a gun trust, estate planning is straightforward because it makes the process of transferring ownership easy and without any unnecessary risk.
Lastly, gun trust can help in the disposition process – when your heir no longer wants to own the firearm. A gun already registered in a gun trust is easy to sell or transfer in a quick, orderly manner.
Owning a firearm is a right in the United States; but, it also requires personal responsibility. Setting up a gun trust is an excellent consideration in estate planning because it makes things easier for your heirs.