Trusts

GunLocker Trust™ Versions

 Each edition has the following features:

  • Contains trustee duties and powers appropriate to firearms ownership and consistent with the National Firearms Act and other relevant law.
  • Provides a mechanism for temporary sharing of firearms with identifiable beneficiaries.
  • Schedule A for listing NFA fire arms.

Marksman Trust:

  • Individual trust only
  • Grantor is also Trustee
  • Relies on Dispositive Documents (i.e. living trust, pour-over will, or will) or if none, state law, to name successor fiduciaries and distribution beneficiaries.

Sharpshooter Trust:

  • Individual or Joint trust
  • Joint trust continues for spouse upon first to die
  • Name successor fiduciaries (option to name same or different successors for incapacity and death)
  • Distribution Options include:
    • Tangible Personal Property Memorandum
    • Marital Planning Options
      • All to spouse, disclaimed to remainder beneficiaries
      • Percentage to spouse, disclaimed and remaining property to remainder beneficiaries
      • All to remainder, spouse’s share (if any) included in remainder
      • Remainder to individuals, classes of individuals, and charities.  All beneficiaries are listed on Exhibit 1.
        • Individuals and classes.  The distribution is outright but if a beneficiary  has an existing Gun Trust, the Trustee can transfer to the Gun Trust on the individuals request
        • Charities.  The distribution is outright.
        • Remote beneficiaries determined by dispositive documents, or if none, state law
      • Schedule B for non-NFA firearms and accessories.  Choice of:
        • General Assignment of all non-NFA firearms and accessories
        • Itemized list of non-NFA firearms and accessories to be assigned to the trust
        • Privacy.  Intentionally do not use a Schedule B.
      • Ancillary documents
        • Portfolio Inserts
        • Addition of Lifetime Beneficiary
        • Removal of Lifetime Beneficiary
        • Assignment
        • Bill of Sale
        • Personal Property Memorandum
        • Trustee Declaration

Expert Trust:

  • Individual or Joint trust
  • Joint trust continues for spouse upon first to die
  • Name successor fiduciaries (option to name same or different successors for incapacity and death)
  • Distribution Options include:
    • Tangible Personal Property Memorandum
    • Specific distributions to individuals, classes and charities
      • Class gift can be in a common trust or to each class separately
      • Option for Charitable Gift Annuity
      • Marital Planning Options
        • Distribution can continue in trust or be outright
        • Options are:
          • All to spouse; disclaimed property to remainder beneficiaries
          • Percentage to spouse; disclaimed and remaining property to remainder beneficiaries
          • All to remainder; spouse’s share (if any) included in remainder
        • Remainder to individuals, classes of individuals, and charities.  Each beneficiary’s distribution is described in the trust document.
          • Charities.  Option for a Charitable Gift Annuity.  The distribution is outright.
          • Individuals and classes.  The distribution is outright but if a beneficiary  has an existing Gun Trust, the Trustee can transfer to the Gun Trust on the individuals request
        • Remote beneficiaries options
          • determined by dispositive documents, or if none, state law
          • for married grantor(s), one-half to each Grantors’ heirs (Joint) or one-half to Grantor’s heirs and one-half to spouse’s heirs (Individual)
          • Grantor’s heirs (whether individual, joint, single or married)
          • Named individuals and charities
      • Additional Features
        • Optional provision for multi-state ownership
        • Trust protector provisions
      • Schedule B for non-NFA firearms and accessories.  Choice of:
        • General Assignment of all non-NFA firearms and accessories
        • Itemized list of non-NFA firearms and accessories to be assigned to the trust
        • Privacy.  Intentionally do not use a Schedule B.
      • Ancillary documents
        • Portfolio Inserts
        • Addition of Lifetime Beneficiary
        • Removal of Lifetime Beneficiary
        • Assignment
        • Bill of Sale
        • Personal Property Memorandum
        • Trustee Declaration

Mile High Gun Law Group a Division of Davis Schilken, PC

(720)-473-4227

 

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