If your heirs sell your guns...

[bellevance]

...will they get what they're worth?

Sadly, some of us (like me) own many valuable handguns that our heirs know or care very little about. Neither my wife nor my daughter (nor any of my close friends) is a gun enthusiast or even a casual shooter. My modest S&W collection nonetheless includes some valuable pieces, a 1947 K-22 five-screw in perfect shape, a NIB 25-2, two perfect 15-3s, a beautiful 10-5 snub with Don Collins birdseye maple grips...and so on. I have made careful notes to attest to the provenance and value of the collection, which I update periodically.

But I have realized lately that, even with my notes, after I'm gone, my heirs will have no clue about how to dispose of my guns. At the very least, I want my heirs to get fair value. Just as important, I want the guns to go to people who will appreciate them as I do.

My thought is that this unique and wonderful forum might be interested in organizing a volunteer group of assessors and conscientious "firearms estate administrators," so to speak, who would be available to help the clueless heirs of forum members liquidate--at fair prices--the estate they have left behind. Ideally, these firearms estate administrators would offer help to clueless heirs in negotiating FFL exchanges and so on--and, of course, they would put themselves in the position of acquiring premium handguns at fair, non-auction prices. Out of respect for the deceased forum members, of course, they would treat the heirs with the utmost respect and sympathy.

If there were such a group in place here on the forum, those of us who are in this position could request (or stipulate) in our wills that the firearms we leave behind should be disposed of only with the help of the S&W Firearms Estate Sales Team (or whatever), and then we could be confident that our heirs would get a fair return and that the guns would go to good people who know their value.

What do others think?

 

[oldman45]

I have an inventory on my computer listing each gun, what I paid for it, current worth and serial number. Due to the size of my collection, it will be sold at market value and my personal atty will oversee the sell.

Some of the guns will be kept for various reasons such as sentimental, self defense or other causes.

 

[DCWilson]

Not a bad idea. I have wondered how to deal with this question myself.

Fortunately my eldest daughter is an attorney with a good business sense, and she knows I have been collecting some higher value guns for the last couple of years. I have let her know that when the time comes to settle my estate, she will find an inventory of guns and the amounts I paid at the time I bought them. She knows that she should not just take them to the nearest gun store and try to get a package price for them.

I thought I would mention in whatever instructions I leave the names of several reputable national dealers with the recommendation that she contact one or more of them to distribute what's left after she, her children and her sister set aside whatever they would like for themselves.

But that approach won't help others without a reliable next-generation representative. And on that basis I like your idea and would be interested in seeing if others like it too.

 

[jag312]

I got nothing to worry about. I have a list of guns in my will and who they go to. When the end approaches, I will distribute the guns to my family and friends, and they are all gun people (except for my cousin Theresa, but she wasn't going to get any of my guns anyhow).

 

[s&wchad]

I don’t know if that’s such a good idea. You might as well get someone from AA to help liquidate the wine cellar.

I explained to Mrs. Chad that we have a spreadsheet detailing my collection and if anything ever happened to me, she should sell my stuff at auction. She looked me right in the eyes and said, “I’d never sell your guns, I’d use them to get another guy”!

 

[m1gunner]

If you are worried about getting the max value for your family for your guns, the only way to make this happen is to sell them now.

They are worth one price to you, but are only "things" to your heirs unless they are into guns.

The cost of selling an item usually goes up as the sell price approaches market price. There will come a point where the heirs just "want the money".

It isn't just guns- art, antique furniture, oriental rugs, cars, etc. If you are an enthusiast, you will pay more for that ultimate widget than your family will be willing to sell it for.

Keep what makes you happy and don't worry about the rest. If you have a million dollar collection, you probably already have a liquidation process in place.

 

[DeathGrip]

“I’d never sell your guns, I’d use them to get another guy”!

My wife saw this.

Thanks,D.G.

 

[bellevance]

"You might as well get someone from AA to help liquidate the wine cellar."

Hah! Yeah, there's that risk, I suppose, but my experience here tells me that there are plenty of good people on this forum, and I would rather count on their expertise and good will than on the advice of my non-gun-owning, financial adviser brother-in-law.

Here are the folks I would ideally like to recruit for such a service, collectors with the integrity and expertise of, say, David Wilson, and of so many others I could name whom I have met, if glancingly, on this forum.

I don't have any lawyers tapped yet to deal with my estate, but when I do, I think that it might uncomplicate matters for all concerned if I could simply suggest that the distribution of my handgun collection be handled with the advice and assistance of the Smith & Wesson Forum's Firearms Estate Team.

 

[charlie sherrill]

Should I predecease my friend Leland, he gets his choice of two. One to my daughter. One to my son-in-law. The rest go to Jr. He'll know exactly what to do with them.

 

[M29since14]

Trying to arrange to control anything when you are no longer here, especially the sale of something like personal property, seems futile, human nature being what it is. And that is not to mention the uncertainties of the market and legal environment. I long ago came to that conclusion.

My only advice would be to sell what you do not want to leave behind to somone you think worthy, when you think the time has come, or is approaching. Give the money to whomever you want to have it, before you die. Until you are ready to do that, just relax and enjoy what you have. If the timing doesn't work out, it is really a very small matter. Even the most beautiful revolver (to us) is really just wood and steel.

It is too bad you do not have anyone who would enjoy your revolvers and share your enthusiasm for them. Probably a lot of us find ourselves in that situation. I plan to leave a couple guns to my kids. I doubt they will mean much to them, other than that I owned them.

 

[bellevance]

Good, sensible advice, M29. Thanks.

 

[DeathGrip]

I'm on the outside looking in.My Mom and Dad are still with me.I fear time is short for them and their affairs are not in order.Do them a favor and get it straight while you have time.I'm one of three and we're cool now but......It's not just the collection.

D.G.

 

[TennTony]

I tried to get my daughter to take some of her maternal grandfather's guns out of my safe to make room for guns I want. Her comment was she would just sell them since she is not that into guns. When I heard that I chose to hold onto them. I know she will keep one or two of my guns, like my customized Colt Gold Cup and a 1948 K-22 Masterpiece. But she and I are going to discuss which she wants to keep. The others will be kept or disposed of at my discretion.

An interesting, off thread, thought is what happens to all the ammo I have reloaded or otherwise accumulated of the years?

 

[BLACKHAWKNJ]

IIRC the guns of Skeeter Skelton and Bill Jordan were sold at auction and a few years ago I got several nice pieces from an estate sale, in that case the previous owner left his heirs with a pile of debt.
A lawyer well versed in estate planning can give you a better answer, the one I know told me that you are usually better off giving away treasures while you are still around or having the contents of your will known to all your heirs before you get "called home". That way they know what they are getting beforehand and they can discuss it with you.
Also legal restrictions on firearms ownership should be considered. One acquantaince told me he inherited the family firearms because his brother had acquired a criminal record.

 

[Cyrano]

I have a list of all my guns, and my kids know where it is. It has advice on who to contact for the sale. I'm going to keep them until I can't use them any more, in which case I might sell them myself, but not before I'm unable to use them.

 

[bubbajoe45]

. . . An interesting, off thread, thought is what happens to all the ammo I have reloaded or otherwise accumulated of the years?

I'm guessing my son will go out and shoot it all up (Maybe that will help him decide which ones he wants to sell or keep?). I need to have a prayer meeting with that boy . . .

 

[YogiBear]

Aloha,

Told the Wife that I want to be buried in my Chevy SS traiblazer with my guns. She said "No not until I'm done playing with them."

If we both go together, the guns go to the NRA Museum to do what they want.

Or if I go first, we have a friend in the law business who does gun estate sales.
Or if someone is stupid enough to try to cheat the Wife, they're going to be in for the shock of their lives. What ever they want, She will make them PAY for the priviledge of owning any of My guns. I would love to watch that exchange.

 

[Miss Fire]

My family knows how special my "other kids" are. Especially the "baby"(Model 36).
They also know if the baby is ever sold or given to anyone outside of the family, I'll be back to haunt them.

 

[ecam8000]

That is a great question.

We delt with this about three years ago. We three brothers and one sister (sinister) were given dad's estate. We couldn't deal her out or afford to buy her out (there were about 300 guns). Her share, has probably been sold for well under the market value. We brothers did our best to get dad's prized stuff from going to her. We did manage to get most of the good ones. Our children will get our stuff when the time comes. Two of us have kids that are into the guns and shooting.

 

[Ga Johnny]

people dying and leaving nice guns to family that cares nothing for them is how great pawn shop or gun show scores are born. We've all stumbled upon a great gun at a great price in a pawn shop or walking around a gun show, it's the natural order of things, it's how it works.

If you have one or a few that really mean something and you want someone to have and keep when you're gone, you should tell them before hand, the rest of them are gonna get cashed in before the dirt settles good, over time even the "special" ones may wind up helping to pay a power bill or something.

But seriously, your wife or kids need a name and number of a friend who knows guns and can help them liquidate when the time comes