What’s A Trust?

Here’s how the Trust works. Think of it as a separate “entity” who “owns” whatever you put “into” it. You as the Settlor (in some states it’s Grantor) purchase the items on behalf of the Trust. Typically, you will also be the Trustee. You can name multiple co-trustees, allowing them to use, transport and have access to the NFA items owned by the Trust. During your lifetime you can add or remove co-trustees, name a successor trustee and a beneficiary.

Buying NFA items through a Trust doesn’t require the signature of the Chief Law Enforcement Officer where you live for you to acquire NFA items like it does for an individual. All co-trustees can use the items, and items the Trust owns can be passed down. NFA items do require ATF Form 5 if they are being passed to beneficiaries.

Even if you don’t own any NFA items, but do have a sizeable and/or valuable gun collection, there are several benefits of creating a Trust to own those firearms.