When it comes to wills and trust administration, it seems like we see it all here in Bethesda and Upper Marlboro. 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 Maryland are created specifically to dictate 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 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 regarding 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 Bethesda and Upper Marlboro residents use it for a whole 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 estate planning attorney. The outcome is better protection for you and your firearms both now and after you are deceased.
To learn more about creating a gun trust here in Bethesda or Upper Marlboro, simply call our office at 301-968-1630 and ask to schedule a Peace of Mind Consultation. These sessions are normally $350, but you can come in free with the mention of this article. However, these sessions are limited to 10 per month.
Kinsey Law Group, P.C. was formed to focus on the needs of families. We are dedicated to assisting you in the areas of Estate Planning and Assisted Reproduction/Surrogacy. If you have questions or concerns, you’re invited to call 301-968-1630 or send an e-mail any time, without cost or obligation.
Locations: Montgomery County (Bethesda, Maryland); Prince George’s County (Largo, Maryland) and Washington, D.C.