Own a Gun? Careful: You Might Need a Gun Trust

If you're not a gun collector, you likely haven't heard the term "gun trust." Even if you are, you may not understand what a gun trust is, how it works or how it can be of use in an estate plan.

A gun trust is the generic name for a revocable or irrevocable management trust that is created to take title to firearms. Revocable trusts are more common, as they can be amended and changed during the lifetime of the grantor.

Although any legally owned weapon can be placed into a gun trust (and we'll get into why that could be a good idea later), these trusts are specifically used for weapons