When it comes to wills and trust administration, it seems like we see it all here in Orange County. From pet trusts to special needs trusts, there are a variety of unique circumstances that need to be addressed in many people’s estate planning. One such concern is that of a gun trust.
Wills in Orange County are created specifically to stipulate how one’s assets are to be distributed, and trusts do the same, while sometimes affording extra protection and benefits. Those who collect guns for various reasons often have reason to add this type of protection to their estate plan.
One of the first reasons to consider a gun trust is because many firearms are particularly valuable. Putting them into a trust can ensure that they are passed as heirlooms or investments for future generations. The collector is able to set the trust up so that these valuable items are distributed according to his or her wishes.
Another concern is that there are restrictions that apply to certain guns. Creating a gun trust can help to ensure that all applicable laws and regulations are followed regarding the administration of the trust and the firearms it contains. Some legal questions need to be answered in regards to the suitability of passing certain types of weapons on to others, especially those that are more heavily regulated.
A gun trust is fairly flexible, as it is revocable. While it can certainly be used as a tool during estate planning, many Orange County residents use it for a wholly different reason. Because certain types of guns are so heavily regulated, they cannot be transported or used without the owner present. A gun trust allows for the owner to name trustees who are then permitted to engage in these activities legally.
Gun trusts have become fairly common, with gun dealers even providing them to customers. In reality, though, it is one area where having a qualified wills and trusts lawyer involved is especially helpful. Because of the regulations surrounding firearms and the fact that most of the trusts created with the provided forms are not specific to guns, many owners don’t even realize that they’re breaking laws, erroneously believing they have covered themselves adequately.
If you deal with guns on a regular basis, it is a good idea to consider creating a gun trust with your Orange County wills and trusts lawyer. The outcome is better protection for you and your firearms, both now and after you are deceased.