A gun trust can be an important estate planning tool for those who own firearms in Oklahoma. It can help you protect your weapons now and in the future. Many gun owners hand their firearms down to family members upon their death, often for generations. As new firearms are added to an owner’s collection, it is important to ensure that an owner’s guns are kept safe after death.
In addition, a gun trust can protect an owner’s right to enjoy their weapons should the laws regarding guns change. This can be important given the changing landscape of gun legislation in this day and age. Getting a gun trust drafted by an experienced Oklahoma gun trust lawyer can help protect you and your loved ones.
Understanding Trusts as Estate Planning Tools
Just as you might consider a trust to protect your home and other assets from the expense and length of the probate process, you might think about a gun trust to protect your weapons. In Oklahoma, trusts are designed to comply with the Oklahoma Trust Act using typical contract language. Okla. Stat. tit. 60 §§ 175.1-175.57
Under Oklahoma law, a trust can be created with regard to any real or personal property and for any purpose for which a contract may be made. Okla. Stat. tit. 60 § 175.2. A trustor creates the trust, usually drafted by an experienced Oklahoma trust attorney and names the trustee who will control the property of the trust as well as the beneficiaries of the trust. Sometimes, the trustor and the trustee are the same person. Once the trust is created, all property needs to be transferred into the trust and the trust becomes the legal owner of the property. Trusts can be either revocable or irrevocable during the life of the trustor.
An Oklahoma gun trust is one that is drafted and acts in accordance with the National Firearms Act. A gun trust offers greater legal protection and flexibility to gun owners. This type of trust includes both Title 1 and 2 type weapons and allows a person to obtain and possess weapons that they might not otherwise be able to. Finally, it ensures that one’s weapons are transferred legally to another responsible beneficiary at death.
How A Gun Trust Functions
Gun trusts vest ownership of firearms in the trust, which is a legal entity controlled by the Trustees of the trust. It is not the individual who purchases, owns, and sells the weapons, but rather, the trustee or trustees, acting on behalf of the trust. All paperwork regarding the purchase and sale of these weapons must be meticulously filled out and filed according to the standards set out by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF). Gun trusts can also hold tax stamps for your Title II weapons
It is important to choose the Gun Trust Trustee carefully. The trustee should never be a person who is prohibited by state or federal law from owning a weapon. Appointing such a person could expose that person to severe penalties and potential jail time. Therefore, always work with an experienced gun trust lawyer when drafting and executing a gun trust and when making amendments to an existing gun trust. A gun trust can be written to automatically exclude people ineligible to own weapons.
To protect yourself from liability, consult with a gun trust attorney in Oklahoma when writing up a gun trust.
Types of Firearms Included
Title 1 weapons are those types of common rifles, handguns, and shotguns usually bought at your local sporting goods store. These weapons are usually not automatic.
Title 2 weapons are those regulated by the National Firearms Act (NFA). An NFA gun trust is especially helpful for one owning these types of weapons. These include weapons such as fully automatic rifles, silencers, short-barreled shotguns and rifles, and other destructive weapons.
Other Advantages of a Gun Trust
Anyone who owns Title 2 weapons, in particular, may benefit from a gun trust. The National Firearm Act can complicate any Title 2 owner’s life. This is particularly true when a Title 2 firearms owner passes away or becomes incapacitated. A gun trust is drawn up in accordance with the Act, and therefore, the ownership and passing of these weapons always occur in accordance with the law.
As the law changes, amendments can be used to protect a person from any liability associated with ownership. It also protects weapons from future confiscation. This is particularly important when one becomes incompetent or enters a nursing home.
Additionally, a gun trust can allow for multiple “owners.” Co-trustees and beneficiaries may possess and use gun trust weapons. A gun trust can make your goals and intentions come to fruition. Consult with an experienced gun trust lawyer in Tulsa today.
Contact an Experienced Gun Trust Lawyer in Tulsa
When you need the services of an estate planning attorney with the skill to handle Oklahoma gun trusts, call Oklahoma Will & Trust. Attorney Jason M. Lile is a skilled Tulsa Estate Planning Attorney who understands the probate laws governing estates in Oklahoma. He also understands the sensitive and emotional issues involved with estate planning.
Contact an experienced Tulsa Estate Planning Attorney today for a low-cost consultation about the best approach to protecting your legacy. Call (918) 876-4500 to schedule your initial consultation.