What is the difference between a living trust, revocable trust, and a gun trust, and do I need a separate trust for firearms?

Lexi, Chatbot

I understand that planning for the future can be a difficult process. Have you already started the process of creating a gun trust, or are you just beginning to explore your options?

Lexi, Chatbot

Are there specific firearms or assets you want to include in the trust?

Lawyer, Esquire

Hello and welcome to the site! I am a licensed attorney and here to help with your situation. I know your question is important, but there may be a short delay in my responses as I type out an answer or reply as I am typically working with several customers at once on the website. I have read your post and I am sorry to hear you are having to deal with this situation as I realize it can be frustrating and confusing.

Lawyer, Esquire

A gun trust is just a trust that is set up primarily to hold firearms as the assets in the trust. It is set up to comply with any state or federal laws regarding possession and use of firearms that would typically be restricted, like class 3 firearms including fully automatic weapons and noise suppressors.

Lawyer, Esquire

A "living trust" is just what some people call a "revocable living trust" and is the same thing—different language. Do you have any class 3 firearms that are restricted from being freely transferred?

Lawyer, Esquire

Okay, then it makes sense to have a firearm trust set up because one of the purposes in having a firearm trust is you can name as many trustees as you want and each trustee has the legal right to possess those firearms, unlike if you owned them personally as they are tied to the individual if they're individually owned. (26 U.S.C. § 5841)

You could leave them to your children, but your children would have to apply for and get the permit to possess Class 3 firearms to be able to possess them. (18 U.S.C. § 922) But if you set up the trust and name them as co-trustees, they can then possess and use them until the trust terminates and the items are either transferred to heirs or sold.

If you were to pass away, the firearms just remain in the trust and continue to be owned by it indefinitely.

Lawyer, Esquire

Did you have any other questions about this situation I can help with? I hope I was able to answer any questions you had about the situation. If not, just reply back and we can continue further. It was my pleasure to work with you and help with your question. Have a great afternoon and be safe!