Who Can I Assign To Be A Beneficiary Of My Trust?
As a future beneficiary, anyone can be named as a beneficiary even if they do not qualify to register that firearm themselves. So, you could name a minor child, you could name a person who, for some other reasons, would not qualify to register the firearm and they can be a beneficiary of the trust and they can have a beneficial ownership interest in the firearm. However, they still would not have the authority to possess the firearm. That only is for the trustee’s or the person who initially established the trust, the living beneficiary. So, we can name anyone as beneficiary but they do not necessarily get all the rights to the firearm under the trust.
If I Already Own An NFA Weapon That I Want To Transfer Into My Trust, May I Transfer It Without Paying An Additional Transfer Tax?
No, you cannot. This is because the trust is actually a separate legal entity from you. That is how it does what it does. So, when you transfer a weapon to the trust, it is the same as transferring it to any other owner. That trust is going to have to qualify to become the owner of that and in order to do that transfer, there is a fee. It is about $200.
What Is The Trustee Of My Gun Trust? What Is The Responsibility & Role?
The trustee is the person or the persons who have the legal authority to possess the firearm and who are responsible for the care, storage and maintenance of the firearm. Like any trustee of any trust, their job is to manage the trust assets for the ultimate benefit of the beneficiaries. The one difference with the gun trust is that the trustee has a right to use the assets for the trustee’s own purposes such as going out and using the firearm.
What Is The Role Of A Beneficiary In A Gun Trust?
Beneficiary is the one that has the legal ownership, the beneficial ownership of the gun. If the firearm was to be sold, then the proceeds from that sale would go to the beneficiary. So, they are the ones that have the ultimate ownership interest as far as the value of the asset but does not necessarily have the right to possess or use the asset.
Additional Information On Gun Trusts In California
Gun trusts are unusual and a fairly specialized area of law. So, it is very important if someone wants to use this method to protect their firearms and to pass them down to future beneficiaries that they find an attorney who is familiar with gun trusts and has some experience drafting them within the state that the person lives in because the state laws also affect gun trusts.
For more information on Beneficiary Of A Gun Trust, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (626) 385-6303 today.
