Gun trusts are instruments created to assist in the possession and use of certain firearms and accessories. The creation of a gun trust allows all named trustees of the gun trust to use and possess any firearms or accessories held within the trust, typically NFA or Title II firearms and accessories.
Purchasing a NFA or Title II firearm or accessory through a gun trust enables prospective purchasers to do so without paying the transfer tax, filing an ATF transfer form, receiving permission from the local chief law enforcement officer, and getting fingerprinted and photographed.
Currently owned firearms can be added to a gun trust and trustees and beneficiaries may be added or altered at any time after creation of the trust.
Gun trusts also allow for estate planning in inheriting firearms. Gun trusts avoid probate and prevent the executor of your estate from potentially making an illegal transfer of a firearm violating federal law. When firearms are held in trust, the trustee remains in charge of the firearms, rather than your executor. A gun trust may be created utilizing numerous trustees and be intended to span several generations.
Contact Thorne Law today with your questions regarding gun trusts in Idaho!