A gun trust is a unique type of revocable living trusts that specifically allow individuals to use, acquire, and transfer firearms. These trusts are customizable and typically are designed to address how an individual, single or married, will manage their firearms during their lifetime, if they were to become incapable, or upon death. Contact Raihle Law Office S.C. for more.
NFA firearms can be used and possessed by more than one person if they are registered to a gun trust. The individual who establishes the gun trust (settlor) can add or remove co-trustees to use and possess the NFA firearms for the duration of their lifetime.
When the ownership of your NFA firearms is under a gun trust, any co-trustee can take possession of your NFA firearms to hold them on your behalf. A gun trust allows you to retain ownership of your firearms, allowing you to direct that the NFA firearms be sold with the cash returned to you, or that they continue to be held in trust so that the beneficiaries inherit them when you die.
Pursuant to the terms and conditions of the gun trust agreement, the NFA firearms that are registered to a gun trust are passed to the designated beneficiaries outside of the probate process.
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