It happens all the time: A firearm or collection of firearms is passed down when the owner passes away. Most gun owners do not realize that even if they provide for a transfer of their weapons upon death, their beneficiaries may be inadvertently violating the law upon taking possession.
A well drafted Gun Trust can help. A Gun Trust can establish how and to whom a gun collection should be transferred. It allows you to set forth a specific set of instructions regarding your goals and objectives for the handling of your guns. If you own guns for recreational use or as a collector, it is important to review your estate planning to confirm that it properly deals with their purchase, possession and use, both now and upon your death.
For additional information, please contact attorney Steve Lavallo at (812) 423-3183 or slavallo@KDDK.com, or contact any member of the KDDK Estate Planning and Probate Administration Practice Team.
About the Author
Stephen S. Lavallo, a partner at the law firm Kahn, Dees, Donovan & Kahn, LLP, in Evansville, Indiana, has more than 25 years’ experience in the practice of estate planning and administration law, worker’s compensation defense, business law, and real estate law, and is a certified civil mediator. He represents businesses, both large and small, as well as individuals in a wide variety of business transactions, organization, sales and leasing of properties, and in the defense of companies from worker’s compensation claims. In addition, Steve advises individuals in connection with their estate and wealth transfer planning and during the process of probate and trust administration.