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Will I benefit from a gun trust?

The founding fathers secured the ability to bear arms in the United States Constitution. However, they did not anticipate what happens to our firearms after we pass away, and it creates issues on how we distribute our protective pieces in an estate plan.

Luckily, the state of Arkansas allows residents to establish gun trusts, a trust specifically designed to hold personal legal titles over guns and assist with distribution after death. It eases the process of distributing your possessions for your friends and family.

Revocable NFA gun trust

There are two main types of guns trusts; the first type is a revocable NFA gun trust. It allows the trustee, typically the creator of the trust, to purchase Title II weapons. However, the NFA trust may have multiple trustees, which allows numerous people to buy firearms lawfully under the trust.

Other benefits include a significant amount of privacy, transferring your belongings to beneficiaries and flexibility on modifying the trust in the future. There are also no yearly fees with an NFA trust so that it will save you money on your estate taxes.

Irrevocable gun trust

The second type of trust is an irrevocable gun trust; these trusts allow people to shield certain assets, including firearms, away from creditors. It is a great way to help family members avoid probate court to obtain your guns after you pass.

Many gun enthusiasts use irrevocable family firearm protection trusts to ensure their children or grandchildren receive their collection. However, it’s crucial to know the firearms do not transfer ownership after death. You would still own the guns, but your family is allowed to use them until Congress makes changes to gun laws.

Establishing trust seems simple, but several details may confuse down the road. The best thing to do if you are considering a gun trust is to advise with an expert in gun trusts and learn about the full benefits.

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