What Happens When a Settlor Dies in a NFA Gun Trust?
by National Gun Trusts June 12, 2017
When the settlor dies the items in the gun trust are passed down to the beneficiaries. The items in the gun trust don't go through the probate process. The items in the gun trust are distributed as laid out in the gun trust beneficiary page. If there is one beneficiary, everything in the gun trust will go to the sole beneficiary. If there is a split, then the items will be distributed per the percentage split. It is worth noting that the beneficiaries are only allowed to the possess the items in the gun trust if they are of legal age to own them and meet all of the requirements of the ATF.
Beneficiaries can transfer the NFA firearms to themselves or a gun trust that they have created through the ATF Form 5 - Application for Tax Exempt Transfer and Registration of Firearm (ATF Form 5320.5).