Guns in Estate

[Raider]

I am sad to tell you that Charlie, who you all know as Raider, died the 29th of September of this year. He had been in failing health for some time especially the last 2 years. I really miss him! I am wondering if any of you can help me.

Do any of you have any experience in dealing with an estate that contains guns? I have been named independent administrator for Charlie's estate and asked to do an inventory of everything in the house for tax purposes (I think) for the probate court. It includes a good number of guns. Some of them belong to Charlie and some to me. I know for a fact that Charlie did not want to have records of what he had bought over the years given out. What do I do? I am the only heir and the will has been probated.

Do I try to separate his guns from mine and only report his, or do I have to list all of them? Can I make a list of them and take it to a gun store that buys that kind of thing and get a lump sum value and not have to list each one?

We live in Texas which does not have an inheritance tax, and I don't think there is nearly enough for federal inheritance taxes. The issue is privacy. I want to respect his wishes.

I would appreciate any advice you can give me. This is all new to me. Bad enough to lose Charlie, but all of this red tape is mind-boggling.

Joan

 

[Kanewpadle]

I am sad to tell you that Charlie, who you all know as Raider, died the 29th of September of this year. He had been in failing health for some time especially the last 2 years. I really miss him! I am wondering if any of you can help me.

Do any of you have any experience in dealing with an estate that contains guns? I have been named independent administrator for Charlie's estate and asked to do an inventory of everything in the house for tax purposes (I think) for the probate court. It includes a good number of guns. Some of them belong to Charlie and some to me. I know for a fact that Charlie did not want to have records of what he had bought over the years given out. What do I do? I am the only heir and the will has been probated.

Do I try to separate his guns from mine and only report his, or do I have to list all of them? Can I make a list of them and take it to a gun store that buys that kind of thing and get a lump sum value and not have to list each one?

We live in Texas which does not have an inheritance tax, and I don't think there is nearly enough for federal inheritance taxes. The issue is privacy. I want to respect his wishes.

I would appreciate any advice you can give me. This is all new to me. Bad enough to lose Charlie, but all of this red tape is mind-boggling.

Joan

Federal inheritance tax is $2,000,000 or more. Any other advice you get would probably be best done by PM to keep things private.

 

[gunnails]

Sorry to hear about his passing, my condolences.

Seems I recall Raider saying he had gifted all of his guns to someone named Joan

 

[mtgianni]

I would not list my personal belongings I had records of in someone elses estate. Without records it's up in the air.

 

[bamabiker]

My condolences. Always sorry to hear of a member passing.

 

[Rustyt1953]

I, too, would like to offer my condolences.

 

[woodsltc]

Condolences and Prayers for his family and friends.

Don

 

[Raider]

Thanks to all of you for your condolences.

The problem is that one of the witnesses for Charlie's holographic will was asked by my lawyer how he knew Charlie. He answered that he had been doing business with Charlie for years. My lawyer then asked what kind of business. He answered that he ran a gun store.

To be a witness for a holographic will, the person had to be familiar with Charlie's handwriting. It was hard to find 2 people who did, since none of us write cursively very often now days.

 

[pawngal]

On the surface, the problem I see is guns that belonged to you were actually in his possession, Why is that?

 

[Stumpnov]

First, Sorry for your loss.
Second, discussing legal matters on the internet is a bad idea. Find a local lawyer that specializes in these situations, it might cost more, but is usually worth it. Especially if the other people already have, and are looking for information.

 

[BC38]

...The problem is that one of the witnesses for Charlie's holographic will was asked by my lawyer how he knew Charlie. He answered that he had been doing business with Charlie for years. My lawyer then asked what kind of business. He answered that he ran a gun store...

In what way is that a "problem"?

 

[two-bit cowboy]

Howdy Joan,

My most heartfelt condolences for your loss.

Common sense -- to my way of thinking -- prevails.

I have no legal basis for what I'm about to suggest, but here goes.

1) Take your possessions.

2) Since Charlie has a known store owner friend, have that person consign Charlie's possessions for sale in his shop (if as the ultimate "owner" of Charlie's possessions, you want to sell them). There will be documentation for this. No way around that.

I'm sure the legal beagles would have a completely different view of this, and they'll charge you for their opinion!

 

[Grayfox]

I have been both the executor of an estate and I handled the guns for a late friends wife. But I don't know Texas law. So I can only offer my experience were I live.

First question: do you plan to sell or keep the guns?

What's your's is your's and not part of the estate. Take them out of the house now to avoid any confusion later.

Since you are the only heir, this should be pretty straight forward and simple. Just do what the court needs from you and follow the law for closing the estate.

Do a complete inventory and research their value. Completed auctions on Gunbroker.com can be very helpful here. You can also ask here for opinions on values. I'm sure we'll all be glad to help. It is time consuming work, but well worth it in the end. You must know what they're worth in order to get fair prices.

Be very cautious of the gun shop owner friend. Friendship is a great thing, but business is business. Gun shops are notorious for screwing over people who have inherited guns and don't know their value. You might test him with a couple of guns of known value and see what he offers. If he offers fair prices, good, use him. Bear in mind that he can't give you the full value as he needs to resell them at a profit. So a bit less than actual value is normal.
If he tries to shaft you, run away and don't have anymore contact.

I am sorry for your loss. Dealing with an estate is not an easy task. But remember, knowledge is power. So research everything.

 

[armadillo]

I am also in Texas doing the same thing for an old friend.

If you are an independent executor, get a lawyer (in the same county as the estate) who specializes in probate. You can get in big trouble handling other people's money and property. The estate will pay for the lawyer. Good luck.

 

[Wise_A]

First off, I'm very sorry for your loss.

Second, this--

Be very cautious of the gun shop owner friend. Friendship is a great thing, but business is business. Gun shops are notorious for screwing over people who have inherited guns and don't know their value. You might test him with a couple of guns of known value and see what he offers. If he offers fair prices, good, use him. Bear in mind that he can't give you the full value as he needs to resell them at a profit. So a bit less than actual value is normal.
If he tries to shaft you, run away and don't have anymore contact.

I don't know the guy. He might be a saint. If so, I would be surprised. Even the best of friends can turn into vultures with steel on the table.

What you do specifically depends on the size of the collection, whether individual pieces have monetary value or are primarily sentimental, and whether there are living heirs or dependents. The latest edition of The Gun Digest Book of Gun Values may help--although the prices do not reflect your local market. The Standard Catalog of Smith and Wesson by Jim Supica may also be of assistance, if the collection is very S&W-heavy. Gunbroker is very good, but very time-consuming when you're just trying to get an idea of the total value.

Consult the attorney. Ask him what he would do if it was, say, a collection of art, china, or sports memorabilia. He may not have dealt with a large collection of guns before, but I bet he's handled other stuff.

Although it's not of any help now, some advice for those that remain:

--Keep an inventory, with the amount you paid for each gun.
--Specifically state in your will that no guns will be bequeathed by word of mouth.
--When you have a gun you want to leave specifically to a person, put it in writing, and make a copy. If they're an heir, state whether it counts against their monetary inheritance. Keep the original, give them the copy.
--If you have a gun that you do not want sold, put it in writing.

 

[Abbynormal]

Step 1: Get a lawyer that know's what he's doing. Yours obviously doesn't.

Step 2: Have a serious sit down with yourself and decide what is "yours" and what belongs to the "estate".

Step 3: Listen to your lawyer

 

[catadjuster]

Sorry for your loss Joan. Find a good attorney who has experience in estate administration and follow the advice that you (and the estate) pay for.

 

[joeintexas]

Sorry for your loss, Joan. All I can do is wish you good luck in this endeavor.

 

[Drm50]

I have appraised gun collections for lawyers & families. I don't know a lot
about legal end except in varies from state to state. There is no reason for
you to include your guns with his. The only problem there would be if there were heirs that contested your ownership. This has come up in some
estates I was involved in. The most often encountered problem is even if
there is no friction among family they always think the collections are worth a good bit more than actual market value. I think a good bit of this
comes from the deceased using value vs the price he paid to justify the purchase to wife. I have done several collections of 50+ guns that didn't
contain any collector value. They were nice everyday sporting guns but
when it comes right down to it they are just used guns. I normally wouldn't have to be present in court. I just gave Lawyer or family the
itemized list : Make, model, serial no, condition % and value. I will buy or
sell guns for or from estates but I make it a practice not to do it in estates
that I was involved with.

 

[cherrypointmarine]

It seems to me if you are a member here you already know about S&Ws , wether it's revolvers or semis' . As for the books out there that give prices , we all know you have to take them with a grain of salt . If you are the only heir , you're going to receive the funds from the sale , right ? So I would thin that you would want the best prices you could get . It comes down to , you want to sell them yourself and make the most , or sell them as a lot , and get a percentage . But watch out , like it's been said , even a friend can put the screws to you on a deal like this .