The purpose of a National Firearms Act “NFA” Firearms Trust is to take title to certain class three firearms regulated by the NFA, as well as more traditional ones, in the name of a trust to allow the possession of the items by the trustees and to avoid violation of certain regulations applicable to the acquisition or possession of NFA items by individuals and to provide privacy of information.
Consider the reality that one who legally owns a class three firearm who passes away, suddenly causes his or her surviving spouse to be perhaps committing a felony, merely by being in the same house as the specific weapon, or by being the personal representative of the decedent. By creating an NFA Trust, passing the required background checks and otherwise qualifying in advance to be in possession of the firearm, the survivor will have already acquired a beneficial interest in the firearm sufficient to allow for continued possession beyond the death of the original rightful owner.
In addition, the trust allows multiple people to legally possess the NFA item, as well as an easy way to add and subtract those people from the trust. Remember, only those people authorized by ATF to possess the NFA item can have access to it.
Similarly, even with traditional class one weapons, the use of a trust may avoid having to identify the weapons on the inventory filed with the Register of Wills and the Orphans Court in the administration of the decedent’s estate. Clearly, announcing to the world exactly what firearms are kept in the home where the original owner has passed away is an invitation to crime that should be avoided. Keeping the firearms in the hands of law-abiding citizens is a concern for everyone.
If you have questions or are interested in creating an NFA Firearms Trust, please and contact us at (410) 266-3232