NFA Gun Trust Lawyer Blog
One of the benefits of a gun trust is that it can be created by a Gun Trust Lawyer® to last throughout your life or in some cases can be designed to last for generations. Trusts are subject to the Rule Against perpetuity (RAP) which may limit how long the trust can last.
The common law RAP was designed to keep people from controlling from their grave. Today the modern trend it to extend or eliminate this restriction and many states like Alaska, Idaho, New Jersey, Pennsylvania, Kentucky, and South Dakota have abolished the RAP by statutes.
In addition, 26 States (Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Indiana, Kansas, Massachusetts, Minnesota, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, North Dakota, Oregon, South Carolina, South Dakota, Tennessee, Utah, Virginia, Washington, West Virginia), the District of Columbia, and the U.S. Virgin Islands, and is currently under consideration in New York) have enacted the Uniform Statutory Rule Against perpetuity which extends the time your trust can control from 21 years after the death of a life in being at the time it was created to 90 years of creation if it actually vests.
In addition other states have made additional changes to extend the vesting period for Trusts. Two such examples are Florida at 360 years and Arizona at 500 years.
So even if you live in a state that has a short RAP there may be a benefit in extending the life of the trust by changing the jurisdiction of your trust to another state.
This is a common technique used with our Multi Generational Asset Protection Gun Trust to allow children, grandchildren, great-grandchildren and beyond to use and have access to the firearms without risking their loss to creditors.