Question of the Week
Fri February 03, 2023
Question: One of our members has asked to open a gun trust. What is a gun trust, and are we required to open this type of account?
Answer: A gun trust is created to receive (or purchase) and manage certain federally restricted but legal-to-own weapons. The trustees and beneficiaries of the gun trust may use the firearms owned by the trust under conditions described in the trust document, as well as conditions required by federal, state, and local firearms laws. Gun trusts can be beneficial when transferring ownership of firearms.
According to the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), a gun trust does not need to be linked to an account at a financial institution.
