With many still stuck at home or only working limited hours at work due to COVID-19, this may be the perfect time to amend your gun trust, will, and other estate planning documents to ensure that they take into account the changes resulting from ATF-41F, situational changes in your life, and additional protections that we continue to add to our gun trusts and estate planning devices.
For example, since the implementation of ATF-41F, many of our clients have elected to amend their trusts to remove excessive trustees, so to streamline future ATF Form 1 and 4 applications. We have also had a number of clients who have lost loved ones or separated from spouses/significant others and therefore needed to update their gun trust, will, and other estate planning devices (as well as their power of attorney) to ensure that their desires are carried out. We’ve unfortunately also had to administer several gun trusts, where clients did not update their trusts in such situations and which has resulted in significant costs in the administration of the trust and contests by individuals (or their estates), who attempt to claim a right to assets within the trust. If the settlors had been proactive, most, if not all, of the additional administration costs and challenges could have been avoided.
We have also continued to update our trust with protective provisions, such as our springing irrevocable provision, which attempts to protect the trust assets against judgment creditors of the settlor. Also, consistent with ATF-41F, which permits a tax-free transfer to a named beneficiary, we have updated our trust to permit the beneficiary to elect to have his/her trust be designated as the beneficiary.
Thus, while you have some spare time, this is likely the perfect time to review your gun trust, will, and/or other estate planning devices and determine whether it is time to amend them.
If you would like to update your gun trust, will, or other estate planning device, contact Civil Rights Defense Firm today to discuss your options.
Firearms Industry Consulting Group® (FICG®) is a registered trademark and division of Civil Rights Defense Firm, P.C., with rights and permissions granted to Prince Law Offices, P.C. to use in this article.