PDA

View Full Version : Estate planning for your firearms -- how do Calgunners handle it?


trashman
09-06-2009, 4:03 PM
Folks - have got a wide-ranging question for you.

Like a lot of enthusiastic Calgunners, over the last few years I have dollar-cost-averaged my investments in firearms I mean made incremental and sensible gun purchases er ... acted like a kid in a candy store as I've been introduced to so many great new areas of this hobby on this board.

Given the non-trivial (time and money) investment in guns, my wife broached the topic the last night at dinner: "Honey, if something happens to you, what should I do with your guns? How should that work?"

Nobody else in my extended family is really into guns. My wife and I don't have kids yet, and so it'll be a while before I'll be teaching them how to shoot; and I fully expect that since "Dad" will be such an enthusiastic gunnie my future kids will probably just think it's dorky.

So what do you guys plan to do? I see a couple of opportunities and ideas:



pre-arrange to donate the partial/entire collection to the Calguns Foundation for auction/fundraising (would have a corresponding tax deduction)
leave a list of guns, their approximate value, and the name of a local store (Tabors, BAGV, SJGE) for consignment?
...?

And for you legal eagles out there -- what about placing the non-NFA/AOW firearms in a trust that my wife and I are both members of - in order to avoid probate?

This is a somewhat macabre question, but since my wife asked I figured I ought to have a plan.

cheers,
--Neill

gotgunz
09-06-2009, 4:15 PM
I have all of my guns listed on an excel spreadsheet. They are listed by make, model, serial #, caliber & type. Additionally I have a column which states where they go when I go as well as a column showing what I paid for it and what it should be sold for.

This spread sheet is included as an attachment to my will with the stipulation that I can update it at will and the most recent copy is binding.

ojisan
09-06-2009, 4:42 PM
A Living Trust is the way to go for everything you / your wife own.
No courts, no probate, minimal red tape.
Yes, a spread sheet (on everything: tools, special vehicles etc) for the wife / attorney to reference should be part of the Trust.

Yankee Clipper
09-06-2009, 5:06 PM
I have all of my guns listed on an excel spreadsheet. They are listed by make, model, serial #, caliber & type. Additionally I have a column which states where they go when I go as well as a column showing what I paid for it and what it should be sold for.

This spread sheet is included as an attachment to my will with the stipulation that I can update it at will and the most recent copy is binding.

I made out the same spread sheet as gotgunz did but in the "column which states where they go" I considered if, at this time, the recipients live in a state that has, or doesn't have, the prospect of enacting our draconian gun laws.
This same list can also be used for insurance purposes: does your homeowners/renters insurance policy adequately cover the replacement cost of the firearms listed? Chances are your present policy is inadequate and this list, with serial numbers, will be invaluable when filing a claim. If it's been a few years since you've updated the valuations, you've got a surprise coming.

hoffmang
09-06-2009, 5:38 PM
1. Make sure your wife has a valid HSC.

2. If you're going to play in NFA, then you have to put your wife on the trust to insulate her from federal possession charges on your death. No reason not to put all the guns in that trust really.

That way you can transfer them easily on death. From there, depending on whether she wants to keep any or you have some bequests you want to make, I'd suggest just having a name of an FFL you like and trust to help her sell off what she doesn't want to keep in an orderly fashion.

-Gene

berg
09-06-2009, 9:59 PM
I wrote a will that was a general set of instructions. Separately I wrote a Special Bequest List that lists my firearms and who gets what. I can edit this list at any time without changing my will.

Seesm
09-06-2009, 10:13 PM
My kids get it all.

packnrat
09-06-2009, 10:22 PM
No wife, no kids,

a friend a has a box all sealed up, it contanes info as to were and how to collect my guns, ammo, and toys for said.

He is to open on my death and collect before the state does.

.

sixtringr
09-07-2009, 8:36 AM
My wife and I have a trust with my younger brother as exceutor specifically for the gun collection. There is a list in the safe as to who gets what where it came from and what it's worth. My wife and I even have our funeral trust set up so the kids only have to pay that stupid death certificate tax-yeah there is always a tax.
But Trashman if you want to donate your collection to cal-guns for a fundraiser that would be a cool way to go.
Mike