Gun Trust Research Paper

Gun Trusts
Gun trusts are designed to hold guns that are normally regulated by the two federal laws. National Firearms Act of 1934 and Title II firearms of the Gun Control act of 1968.
A Gun Trust is used to pass otherwise regulated firearms to heirs. These types of firearms include machine guns, silences, short-barreled rifles, short-barreled shotguns, and grenades. Each weapon has a serial number and they must be registered with the Federal Bureau of Alcohol, Tobacco, Firearms and Explosives, commonly known as the ATF or BATF. Transferring these guns to heirs can be upwards of $200 a weapon, and the weapon must be registered. If it is not, it is considered illegal to own.
A Gun Trust can avoid some of the federal transfer requirements and accomplish goals set by the owners of the firearms. In some cases, the firearm can be possessed and used by beneficiaries of the trust. Not just one person registered to the firearm. The gun is kept in the trust, even after the grantors has passed, avoiding the requirements for transferring the firearm.

Trust decanting, modification and Dissolution
Irrevocable trusts – May be modified or terminated with approval of the court upon consent of the settlor and all beneficiaries we are not remote interest beneficiaries, even if the modification or termination is inconsistent with a material purpose of the trust.

Upon termination of the trust the trustee shall distribute the trust property as agreed to by the beneficiaries and, in the case of a charitable trust, requiring the Attorney’s General consent, as agreed to by the Attorney General.
In addition to the above information, a trust

terminates:
a) to the extent the trust is revoked or expires pursuant to the terms of the trust;
b) If no purpose of the trust remains achieved; or
c) to the extent one or more of the purposes of the trust have become unlawful, contrary to public policy or impossible to achieve.

Smaller Estate Trusts
Constructive Trusts
A constructive trust is a remedy resembling a trust that is enforced by a court for a party that has been unlawfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or meddling.
A breach of fiduciary duty causes the need of constructive trust. Money taken from an already existing trust wrongfully is used to further the status of a beneficiary. This money can be traced back to the trust it originated from and any assets purchased with the money or funds of the original trust are then placed into a Constructive trust for the benefit of the beneficiaries that were wrong. If the “defendant” in this case used the funds gained from the original trust and some of their own assets to purchase another asset