Ahh Idaho. We love our outdoors, hunting, and GUNS. I have met people that have moved to Idaho, in part, due to our affinity to guns, ammunition, etc.
Where there is an affection as strong as this, there are also attempts to profit off of your love. Often, it isn’t malicious, but just fueled by incorrect information.
What am I writing about? Gun Trusts.
Do you NEED a Gun Trust? They are a legitimate estate planning tool and some people can benefit from having one. But, do YOU need it?
A Gun Trust will help your estate planning objectives if your gun meets federal licensing requirements. What are those requirements? Typically one or more of the following is required:
- Machine Guns,
- Sawed-off shotguns,
- Sawed-off rifles,
- Silencers, and/or
- Hand Grenades or other explosives
If your gun or guns do not meet one of these requirements, you do NOT need a Gun Trust. A traditional Last Will and Testament, Revocable Living Trust, or Family Trust, will work just fine. Save your money for more guns.