What are the Advantages to Creating a Texas Gun Trust?
1. All the trustees listed in the Trust are not only co-owners of the items listed in the Trust, but are also authorized to possess and use those firearms and items.
For example, six friends want a suppressor. Without a Trust, each person would have to apply and pay the tax for that privilege ($200 tax stamp per item per year). Instead, to save money, the friends create a gun trust and now, instead of six applications and 6 suppressors, the Trust can buy one and only pay one tax.
2. Upon the creator's death, the firearms and other items listed in the Trust can either be managed by the co-trustees or inherited by the listed beneficiaries outside of the probate process.
3. In the event the creator (Settlor) of the trust is deemed incompetent, the co-trustees can take possession of the items in the Trust. The items can then be sold or left in the Trust to pass to the listed beneficiaries once the Settlor dies.
4. The ATF requires all individuals who wish to purchase a Title II (NFA) firearm to obtain the approval from their Chief Law Enforcement Officer (the "CLEO") as part of the application process. Unfortunately, many CLEOs are refusing to sign off on the application; however, the CLEO's signature is not necessary with a Trust.
5. The Trust eliminates the need to obtain fingerprints or provide photographs during the application process. This saves time and money.