If you own any firearms or other weapons that are specifically regulated by and registered under the National Firearms Act (“NFA”), a gun trust will likely be necessary in order to make sure that your beneficiaries are not committing a felony by taking possession of the firearms.
Your Last Will & Testament is also where you appoint a legal guardian for your minor child in case both of the child’s parents are deceased. Doing so guides the court system and the family regarding the your wishes. For parents of young children, this may be the single most important part of a Last Will & Testament.
One of the difficulties in running a business is figuring out which types of laws and regulations apply. Figuring out the intricacies of federal and state law is difficult enough. Then, depending on where your business is located, you also need to consider local ordinances and regulations such as the county or city code. This complexity can sometimes lead to a bury your head in the sand approach where it is hoped that ignorance of the law will be a defense if something goes wrong. However, that is not the case. It is assumed that business owners are aware of and understand the laws that are applicable to their businesses.