As an estate is being planned, you need to carefully consider if there will be firearms included. Because of firearms being a unique part of the estate plan, it requires you to be aware of the legalities involved and any possible criminal activity, if transfer is not properly conducted. In order to ensure that firearms are transferred legally, you need to consider a few legal factors.
The National Firearms Act
Under the NFA, it regulates firearm possession and transfer of several types of guns which include destructive devices and suppressors. When transferring firearms under the NFA, there are certain requirements that need to be met, which include submitting the ATF Form 4 and associated transfer fee.
The Gun Control Act
Under the GCA, federal regulations are established regarding the possession and transfer of all firearms. The GCA also prohibits felons and those with convictions of domestic violence to possess any firearm.
With the specific firearm laws known, you can now develop an estate plan by following the below steps.
Select an Acceptable Trustee or Executor
By selecting an acceptable trustee or executor who has the knowledge concerning firearms and the laws governing them, the transfer will be a smooth and safe one. The trustee should also be trustworthy in handling any challenges that come up surrounding the firearms.
Obtain Gun Trusts
Having a gun trust is able to hold a firearm and makes a great tool while planning an estate. With your guns in the trust, you will know that the correct inheritor will receive them, and that all applicable laws are abided by. Your gun trust is also a good way to provide specific instructions, avoid probate, and ensure privacy when firearms are being managed.
The records of any firearms that are in the estate plan must be maintained. The record maintenance includes having the firearm’s serial number, make, and model documented. Having these documents will ensure that the transfer of the firearm is legal and can make the entire estate managing a nice success.
Implement Buyback Opportunities
When the firearms are unwanted, you can have the estate plan set up buyback opportunities. Having the buy back in place allows the firearms to be sold to local law enforcement and organizations who will pay cash, for this buy back allows for a safe disposal of weapons without worrying about them being obtained by a criminal.
When you plan an estate that involves firearms, you need to have careful consideration in place and ensure that you are adhering to the law. By having the right executor, implementing gun trusts, maintaining records, and having the opportunity to sell unwanted firearms will ensure that the estate plan successfully transfers the firearms. To find out more about how to plan your estate plan with firearms, contact us today.