Your Colorado Firearms Trust is a standalone trust. It is separate from your primary estate plan. While it is generally not necessary to change any of your other documents, we recommend that you look at your existing or future trusts and wills. If you have another trust, you might want to direct that some funds be placed in your gun trust to provide for the education and training of your beneficiaries as it may relate to firearms. As firearm owners, we all understand the importance of training and your firearm trust can provide for those activities without having to justify to the trustee of your other trust that this should be covered under the typical distribution provisions that are normally found in an estate planning trust.
For many clients, the primary purpose of their firearms trust is to hold NFA items (suppressors, short barreled rifles, short barreled shotguns, full autos, etc.). With the passage of the Colorado Red Flag law, Democratic presidential candidates boasting that they will confiscate guns, and more gun legislation threatened by Colorado Democrats, many Colorado gun owners are transferring existing Title I firearms to their gun trust, now. Those that are not may want to modify their will or pour over will to provide that their guns, ammunition, and other firearm related property (including reloading, cleaning, and safes, to name a few) are directed to their gun trust. If you would like advice on transferring your existing firearms and firearm related property to your gun trust, please give us a call and set an appointment.
