There are many people enjoy hunting as a hobby, and often hunting is a shared interest amongst family members. When you wish to leave your collection of guns to someone after you die such as your child or other loved one, a gun trust is a good option.
A gun trust can be used alongside a will to direct your assets when you die. But a trust can offer several benefits that a will cannot.
To qualify for a hunting license, applicants must be Illinois residents. An Illinois Driver’s License or State ID card number must be included on the application. Applicants under the age of 21 must have a parent’s signature on a notarized form. The parent must have or be eligible to have a FOID (Firearm Owners Identification) card.
When building an estate plan, many people choose to have both a will and trust. A gun trust allows gun collectors to safely and legally transfer their personal guns to a family member without exposing them or the will’s executor to criminal liability.
Some benefits of having a gun trust are:
A gun collector must comply with all Illinois state and federal gun regulations before leaving their collection to a specific beneficiary. This is why it’s crucial to work with an experienced Illinois
estate planning attorney.
There are strict state and federal regulations when transferring ownership of guns to another party. Before setting up a gun trust, you must ensure all firearms have a serial number and are registered. It is illegal to own or transfer guns that are not registered.
A well-drafted trust should ensure there are no violations of federal and state laws. The trust will also guide trustees and beneficiaries to make the transfer of the collection legally.
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Sivia Law presents a six-step checklist to create your own “Life Planning Guide.” This guide helps you advise your loved ones so that they can honor your wishes for your health care desires as well as for the distribution of your estate.
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