Gifts of Firearms and Firearms-Related Personal Property Sample Clauses

Gifts of Firearms and Firearms-Related Personal Property. After the death of the Settlor, the Trustee will distribute all trust property consisting of the Settlor’s firearms and firearms-related personal property of any kind, including without limitation, firearms, firearms parts, magazines, firearms accessories, and ammunition, to the Settlor’s descendants who survive the Settlor per stirpes, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of a descendant who is under age 25, with particular items to be allocated as they may agree, or if they cannot agree, as the Trustee will decide. If none of the Settlor’s descendants survive the Settlor, then all of such trust property will be distributed to the Settlor’s heirs, subject to being held, administered, and distributed according to the terms and provisions of Article VI in the case of an heir who is under age 25, with particular items to be allocated as they may agree, or if they cannot agree, as the Trustee will decide. If a beneficiary hereunder has attained age 25, the Trustee may distribute such trust property to the beneficiary free of trust or to a trust for the beneficiary (if an appropriate trust exists) or, with the written consent of the beneficiary, may postpone the distribution of such trust property until such consent is revoked in writing. Notwithstanding the foregoing, if a beneficiary who has attained age 25 elects, the trust property subject to this Section may be retained in the trust indefinitely for the benefit of such beneficiary, who will be treated as if such beneficiary is the Settlor with respect to such trust property, and such beneficiary will retain the following rights: (1) the right to withdraw all trust property attributable to such beneficiary’s share at any time; and (2) the right to direct the Trustee to sell such beneficiary’s share of such trust property and to distribute the proceeds from the sale of such trust property to such beneficiary. All distributions of such trust property must comply with Federal firearms laws, including the NFA and the GCA, and any applicable state firearms laws. Notwithstanding any other provision in this Trust Agreement to the contrary, the Trustee may not distribute trust property consisting of firearms or any other trust property regulated by Federal firearms law, including the NFA and the GCA, and any applicable state firearms laws (e.g., ammunition) to any beneficiary who is a Prohibited Person. Upon the death of the Settlor, i...
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Related to Gifts of Firearms and Firearms-Related Personal Property

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