Understanding Firearm Trusts and Best Practices In Georgia
Recently attorney Jammie Taire from Smith Taire Legal was a panel guest on a presentation discussing Firearm Estate Trusts in Georgia. So, what is a Firearm Trust? A Firearm Trust or Gun Trust in Georgia is a trust set up to ensure that your guns are transferred to your beneficiaries upon death.
You can watch the entire presentation by clicking on the link or video below; the highlights are also summarized in the article below.
Watch the Presentation: Firearms in Estate Administration: Legal Issues, Executor Liability, Transferring Title I, and II Guns, and Penalties
Part 1: Firearms are listed under two categories: Title 1 and Title 2
Title 1 Firearms: as listed under the Gun Control Act (GCA) of 1968, are ordinary guns such as handguns, shotguns, and rifles.
Title 2 Firearms: is listed under the Gun Control Act (GCA) of 1968, an amendment of the National Firearms Act of 1934. Firearms such as machine guns, short-barreled or “sawed-off” shotguns, rifles, and so-called “destructive devices” would be listed under Title 2 Fire Arms. Title 2 Firearms must be registered under federal law and follow specific state laws. They may be owned individually or as an LLC, Corporation, or Trust.
*The presentation breaks down each type of gun, how guns are determined to be Title 1 or 2, the prohibitions for each kind of gun, and the background check requirements.
Part II: Handling the estate administration of firearms
It is important to note that both federal and state laws govern firearm transactions during trust or estate administration. The personal representative is charged with ensuring compliance with these laws.
Critical Considerations include;
Advise executor on key issues
Properly storing and securing firearms (not storing properly can be a violation.)
Preparing inventory (list or photos of firearms)
Documenting NFA issues or gun/suppressors
Since only six states require firearm registration (Georgia is not one of them), you must list all guns to avoid probate.
Gathering documents
Valuation
Make sure you up are up to date with state requirements. Not complying can result in penalties, liabilities, and even criminal charges.
Qualifying beneficiaries (make certain beneficiaries are qualified)
Part III and IV Gun trust and best practices
Clients often ask what the benefit of a gun trust is. The benefits of a gun trust are as follows;
You avoid probate
Allows transfers to minors at the appropriate time
Can provide detailed information to an executor who may not otherwise be familiar with transfer requirements and the NFA
Greatly expanded usability (Title II Firearms)
When creating a gun trust is essential to follow these best practices;
Be as specific as possible, including;
listing serial numbers
color, make, and model
describe/list any accessories
Be cautious when considering beneficiaries
Decide what happens in the event of disqualification by the grantor, trustee, or beneficiaries.
Specific instructions regarding NFA considerations and transportation
Create a revocable or irrevocable firearms trust (revocable are most common)
Is the trust for life, multi-generational, or perpetual (life is most common so that the next general can have control)
Include a clause for if someone on the trust becomes prohibited
Include a clause for the transfer of guns from state to state
Copies of the trust should be counted as original copies.
Understanding what 41F is
How Do I Set Up a Gun Trust in Georgia?
If you have additional questions about this presentation or would like to start the process of setting up a gun trust in Georgia. An experienced gun trust attorney will be able to go through the requirements for a gun trust and ensure that the people in your trust are legally capable of taking possession of the firearm. They can also ensure that your document is legally binding in the event of your death or if you are declared incompetent to own a firearm.
Contact Georgia estate planning attorney Jammie Taire at SmithTaire Legal for more information. Call our office at (678) 253-8133, or submit our contact form to schedule an appointment.