The simple answer is yes. A Gun Trust is a classified as a special purpose trust, meaning a trust set up to handle specific assets, such as guns, that may have more rules/regulations than ordinary assets. There are a couple things to consider when thinking about a Gun Trust. First, the trustee of the trust and any successor trustees must be a Qualified Person. A Qualified Person is a person that is 21 years of age or older and can pass a background check. Another thing to consider with a Gun Trust is if you would be naming your child/children as the beneficiaries once you pass away. If so, please note that they will be considered contingent beneficiaries until they reach the age of majority. Finally, another point to consider is if you have any Type-II firearms that you are going to be placing in the trust. If you do, then there is some additional paperwork that will be necessary, and your attorney should also provide additional guidance on how to handle them.
If you are considering a Gun Trust, please feel free to give us a call or book a complimentary telephone consult directly through our website. The attorneys at Morris Law Center are here to help.