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Firearms Estate Planning

Your Colorado 2A Trust can be modified or canceled at any point before your death or incapacity. Once you have passed away, your Colorado 2A Trust becomes irrevocable. At this point, one of the other trustees will take control of the Colorado 2A Trust on behalf of the beneficiaries. Your Colorado 2A Trust may also be used as a way to own restricted firearms under the National Firearms Act (NFA) as the NFA, the Gun Control Act (GCA) and Colorado law. These laws have special provisions allowing your Colorado 2A Trust to own these NFA firearms and allow all of the trustees to possess these weapons.

  • Your Beneficiaries will receive the full benefits of your Colorado 2A Trust
  • You will be able to add or remove co-trustees throughout your life as your situation may change. This includes adding your children as trustees once they become of proper age to purchase and possess firearms.
  • Following your death, your Colorado 2A Trust will be able to transfer the firearms to your Beneficiaries tax free using ATF Form 5.

What role do beneficiaries play?

As is the case with other trusts, a beneficiary is the individual entitled to the benefits of that trust. For a firearm trust, that means the firearms are held under the trust for their benefit. There is no age requirement for beneficiaries, and they typically include the settlor’s minor children, if any.
However, the firearm trust should address the potential scenario where the settlor dies and leaves the trust property to their minor child.In this instance, there would be someone under the age of 18 in possession of restricted firearms, which is unlawful. Thus, a provision should be included that will allow the trustees to use and possess the trust property until the beneficiaries are old enough and mature enough to inherit the trust property.
Beneficiaries should solely use or possess Title II firearms owned by the firearm trust outside the presence of at least one trustee. Thus, an individual who is only a beneficiary, as opposed to a trustee and beneficiary, cannot safely be in sole possession of the Title II firearm regardless of his age.

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DISCLAIMER

The information contained on this website is provided for educational and informational purposes only. It is not legal advice and should not be construed as providing legal advice on any subject matter. Colorado and federal laws frequently change. As a result, the content on this website is not necessarily up to date, nor comprehensive. Contact us or another attorney with any legal questions specific to your matter.