An NFA Gun Trust is a type of revocable Trust that deals with the unique issues of NFA gun ownership, use and transfer. It enables a gun owner to share NFA firearms with co-trustees and pass firearms down to loved ones after the gun owner’s death. For the responsible gun owner, it is a valuable and essential part of estate planning. But the benefits don’t stop there.
Firearms classified as Class 3 NFA weapons are restricted by the federal government. These restricted firearms include the following:
- Machine guns
- Machine gun frames, receivers and parts
- Silencers and silencer parts
- Short-barreled rifles
- Destructive devices
- Antique firearms
- “Any other weapon” such as H&R Handyguns, Ithaca Auto-Burglar guns and gadget-type firearms
To purchase an NFA firearm, an individual must pass a background check, be fingerprinted and photographed, and obtain authorization from the chief law enforcement officer. Once authorized, the firearm may only be accessed and used by the legal owner. According to the law, it is a criminal offense for a firearm to be accessible by anyone else. For instance, if a firearm is accessible by the owner’s spouse – either when the legal owner is away or after he or she has died – the spouse is guilty of constructive possession, also known as an “accidental felony.”
An NFA Gun Trust can protect your friends and family against constructive possession and benefit you in numerous other ways. First, it allows for streamlined ownership. While protecting loved ones against constructive possession, an NFA Trust also allows gun owners to maintain ownership and possession after his or her death. NFA Trusts also remove firearms from probate proceedings. Additionally, an NFA Trust can allow a gun owner to legally share firearms with co-trustees and permit co-trustees to purchase expensive firearms as a group. Finally, an NFA Gun Trust can expedite the purchase of NFA firearms by bypassing the requirement for fingerprints, photographs and signature by the chief law enforcement officer.
A well-drafted NFA Gun Trust can provide valuable safeguards to you and your family. It is a crucial part of estate planning for any responsible gun owner. To begin drafting your personal NFA Trust, please contact us or visit our visit our website to learn more.