November 13, 2014

While there are many resources out there to help you plan for the future of more typical assets, like stock and pond portfolios, it’s just as important to be clear about the best way to pass on the legacy of personal item collections, too. In the blog, we’ve previously talked about some ideas regarding management of an art collection, but what about guns? 

Passing down your collection of firearms can be tricky, but placing them inside a revocable living trust might be the best option for you. In this situation, the gun owner serves as the trustee. A revocable living trust can be a good choice for items that are federally-restricted, like silencers. Doing so can help to eliminate some of the paperwork associated with owning and transferring these kinds of assets. While these can accomplish the goal of reducing red tape, a revocable living trust is also growing in popularity as a way to handle the gun collection belonging to a deceased loved one.

Serving as the owner and trustee of your trust works while you are still alive, but it’s very prudent to establish a successor trustee who is also familiar with federal and state laws related to firearms in addition to some of the more care-specific concerns like storage. When done this way, you have the assurance that a knowledgeable individual is taking over the collectio management if something happens to you.

There are many different assets you might consider placing in a revocable trust- contact our planners at Shah & Associates to discuss your unique needs by reaching out via email to info@lawesq.net