South Carolina gun trusts provide important advantages to owners of NFA firearms, including:
All Co-Trustees Can Use and Possess the NFA Firearms Registered to the South Carolina Gun Trust
- NFA firearms registered to a South Carolina gun trust can be used and possessed by more than one person. The settlor of a South Carolina gun trust can add or remove persons who are allowed to use and possess the NFA firearms throughout his or her lifetime.
- NFA firearms registered to an individual resident of South Carolina can only be used and possessed by the registered individual during the individual’s lifetime.
NFA Firearms are Inherited by the Beneficiaries
- NFA firearms registered to a South Carolina gun trust pass to the beneficiaries of the gun trust outside of the probate process according to the terms and conditions of the gun trust agreement prepared by the settlor.
- NFA firearms registered to an individual resident of South Carolina pass to their beneficiaries according to the terms of the individual’s last will and testament, which is probated in a probate court and provided to the ATF during the transfer process so the executor can prove to the ATF that the individual intended to transfer the NFA firearms to the beneficiaries. This can be both slow and expensive.
Gun Trusts Protect Your NFA Firearms Upon a Determination of Incompetency
- NFA firearms registered to a South Carolina gun trust can be protected if the Settlor is later deemed to be incompetent, since any co-trustee can take possession of the NFA firearms to hold them on behalf of the Settlor. As as result, the Settlor will retain the ability to either direct that the NFA firearms be sold and the cash returned to the Settlor, or that the NFA firearms continue to be held in trust for the beneficiaries to inherit when the Settlor dies.
- NFA firearms registered to an individual resident of South Carolina who is later deemed to be incompetent are subject to confiscation by the ATF immediately, since it is illegal for any other individual to take possession of the registered individual’s NFA firearms during the individual’s lifetime.