Friend of The Blog ™, Tam, had a post that linked to an article about that day when you finally stop being a going concern and what happens to your stuff afterwards. From “Where Will Your Guns Go When You Die?”….
Regardless, both guys leave behind a tremendous legacy, family, friends — and a sizable firearms collection. While it might seem a trivial matter when locked in the throes of grief, the proper disposition of a gun collection is actually an important task which will dramatically help the survivors in the long run. However, meticulously liquidating a collection to get maximum value requires some planning and forethought, which is where we all stumble.
Another sad fact is many of our families aren’t interested in our guns. Despite their intrinsic and sentimental value, to some family members, guns are considered no more valuable than old kitchen appliances and are generally handled the same when it comes time to liquidate an estate.
Here are five steps that can help solve what will be an eventual problem for nearly every shooting enthusiast. Don’t put these important tasks off because you never know when the final bell will ring! I could give you a couple of recent examples …
I paid a hot little Charlize Theron lookalike attorney a buncha money a couple years ago to crank out a will for me. Pretty simple stuff…house/property goes here, money goes there, guns go over here. That was it.
Whats interesting is that, as of late, I’ve been privy to a couple estates from families that lost someone who was into guns. In every case it was scene where various family members ‘got first dibs’ and whatever was left afterwards was sold. I’m fine with that. I like a Smith Model 21 as much as the next guy, but if grandson wants it because grandad taught him to shoot with it…I’m not gonna get bent outta shape.
But I’ve also been to a few estates where no one in the family was interested. And some very nice and hard-to-find guns wound up leaving the family.
It’s easy to give the old saw about how ‘when you die, we’re splitting up your gear’ but it isn’t always that easy. Heck, I know at least one guy who never even told his wife the combination to his gun safe. Pretty good bet she doesnt have a solid grasp of whats gonna be laying around when he shuffles off.
I’ve some interesting stuff, but I’ve told my friends that if there’s something of mine they like, let me know…I’ll make sure that the executors know it goes to them. I’ll tell you what I dont want, though….under no circumstances does any of my property or wealth go the state. None. Burn it all down before that happens.
no, no, no. when you die, unless it has a title with the state or county, like a deed (house) or car (title), it walks. NEVER put guns in your will. Tell someone, put a label on it, but DONT get the courts involved.
Have what is called a “separate writing” dated and witnessed with stored with your will. FYI: If dealing with a large collection and you are elderly, start giving items away NOW.
Susan-
Agree 1000%. Never involve the state in matters that are none of their business.
Not something many even think about but setting up a Power of Attorney may be a lot more useful for you.
Power of Attorney dies when I die, so not sure how that would help.
You never know when it will be needed and when it is it’s too late.
I’m 67 and don’t have much longer so I’m thinking about selling off everything (except for a few) and going to Vegas for some hookers and blow.
I fully support this plan. Send me a list with prices when you’re ready.
Of the guns, the hookers and blow or both?
all 3…
Yes!
Already have it figured out, the Thompson & the 1911 go with me along with 500 rounds. Ya never know what’s going to happen. The family have no business with a firearm so the others are going to be sold.
A couple related things that have happened around me:
– A friend got a terminal diagnosis. I ended up inheriting (is that the right word) several guns as he looks to divest his collection. He has no children and not much close family. I think he kinda likes the idea of passing them on and also wants to save his not especially gun friendly wife the hassle.
– An acquaintance is currently trying to sell a big lot (150 plus guns) for his father in law. FIL is terminal and looking to cash out to have something extra for MIL. This is complicated because he got a lot of stuff when it was legal in his area (NY) but now may not be. An old Norinco AK, think a Steyr Aug, etc.
My plan is to gradually divest of my collection to the boy as I get older. Of course we don’t know when we will go but we can look at actuarial tables and family history then make some guesses.
Hmmm. I’ve a relative in NY whom could act as an agent for me if this guy wants to sell a bunch of those things.
My stidies have caused me to spend a great deal of behind the scenes time in some state museums as part of my Masters degree. From what I’ve seen about how donated items are treated and displayed, I’d counsel against donating any rare or historic firearms to a museum.
Most museum have less than %2 of their holdings on display at any time. The rest is in climate controlled storage.
You might donate a %80 Colt SAA martial to a museum and the may display it from time to time, but when someone else donates a %95 Colt SAA martial with provenance to Little Big Horn, your donation will be a candidate for deaccessioning.
And don’t think of ‘loaning’ them to a museum. In most instances, museums will no longer take loans unless it is an epic piece. Also, unless it is an epic piece, most museums wont take donations that are conditioned upon never deaccessioning, always being displayed, etc.
Small private museums? —Maybe—. Big state/municipal institutions? Nope.
Gun Jesus has a post about the realities of donating collections to museums.
You could honestly do a whole series on planning for what happens to your stuff after you check out. The guns are the most interesting, but really we all should make plans for all of our stuff. Even though you won’t need it and can’t do anything with it after you’re gone, still the thought of it all just going to waste doesn’t sit well.
For me, I would hope that my family is smart enough and I’ve educated them enough to properly know what to do with it all, but everyone’s situation is different.
Commander: Similar, I imagine, with Ham Radio. My kids are supremely uninterested. TDW-Mark II is substantially disinterested. It’s not as if i have a megawatt contest dominating station, but, the radios that I do have, are functional and effective. Another conundrum to contemplate.