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Addressing gun ownership in an estate plan

On Behalf of | May 13, 2022 | Estate Planning And Probate Law |

One of the objectives of planning for the future is the ability to ensure that loved ones and designated heirs can secure possession of property and assets. An estate plan outlines what will happen with one’s property in the future, and a Texas adult can include certain elements that will address the ownership of his or her guns after passing away. Specific tools can be used in a way that will allow a gun owner to thoughtfully and carefully protect these valuable assets.

The future of firearm ownership

People often overlook the importance of addressing their guns in their estate plans. They may not understand their true value, or they may include the guns in a category with other assets they intend to pass to a specific person. As firearms are a type of property that carry the risk of both physical harm and legal liability, careful planning is critical.

One option for addressing guns in an estate plan is establishing a gun trust. This an appropriate way to protect properly registered guns and ensure they end up with the right person. Consideration should be given to the type of gun, its value and whether the person to whom it is designated wants the weapon and know how to store it safely and securely.

A potentially complex asset

Gun ownership is a sensitive matter that may be important for a Texas family. Passing a gun to another person may be a priority, and if it is, one’s estate plan should reflect that. It may help to discuss addressing guns as part of an overall estate planning strategy with an experienced attorney.