The Bronze Trust is designed to hold NFA (Class III) firearms only. It will protect these firearms in Trust during your lifetime. So if you are looking to acquire a suppressor, automatic weapon or some other type Class III weapon, this would be the Gun Trust of choice for you. This form of Trust works in tandem with your existing Will or Estate Planning Documents to distribute your weapons to your named beneficiaries upon your passing.
If you do not have an existing Will or Estate Plan, let us prepare that for you. In addition to our Gun Trust and Gun Law practice, we also specialize in Estate Planning. If you have not thought about or planned for your end of life scenario, now is a good time to make sure your family is cared for after your passing. The main website for Johnson Law Firm PLLC contains a rich assortment of articles and blogs about our Estate Planning practice. We offer substantial discounts for drafting your Gun Trust if you engage us to draft and prepare your Estate Plan.
As with all of our Gun Trusts, one of the main benefits to having a Bronze Gun Trust is the avoidance of Probate upon your passing. Probate involves a public proceeding, and is lengthy and often complicated. Besides, who wants the public to know what your firearms collection consists of and who is inheriting it. With a Bronze Gun Trust, the entire passing on of your collection is completely private and beyond the prying eyes of the public.
Since a Bronze Trust is designed to hold only Class III weapons, a BATFE Form 4 must be prepared and submitted (along with a $200 License Fee) to the BATFE for approval for each Class III weapon transferred into the Trust. This procedure applies whether you currently own the firearm in your name or whether you are acquiring the weapon new from your FFL. Either way, the firearm cannot be officially transferred to the Trust until the BATFE approves the Form 4.
Additionally, for now at least, until the BATFE changes its Rules (which it is proposing to do), another added benefit of acquiring Class III weapons in a Gun Trust is that the owner/grantor of the Trust is able to completely bypass the usual requirements of being fingerprinted and photographed and obtaining CLEO (Chief Law Enforcement Officer) approval to the transfer as part of the BATFE Form 4 approval process. Stay tuned here as we monitor the BATFE’s efforts to change this Rule.
Upon the passing of the Grantor of the Bronze Trust, the firearms will be distributed to the heirs and beneficiaries named in the Grantor’s Will or Estate Planning documents. Since the Bronze Trust is composed entirely of Class III weapons, those weapons cannot be transferred until the proper documentation has been prepared and submitted to and approved by the BATFE.