Discussion in 'General Gun Discussions' started by gnappi, Mar 25, 2021.
Gads! So I went with a trust instead since my son won't have to go through probate.
Also, there are many alternatives to having a will. It is definitely not true that "everyone should have a will."
Everyone should have a will, a durable power of attorney, and a living will or advance health care directive. Trusts can be very useful and are more private, but are not a panacea and should be used only if there is plenty of thought given to what can happen to people and assets over time. Some assets such as NFA items require disposition in a specific way to qualify for a no-tax transfer, and you want to make sure that if a recipient of a firearm becomes disqualified, appropriate alternative are clearly stated.
I would love to debate this, but I'm afraid that would be outside the scope of this forum. Suffice it to say that there are many circumstances where a will is contraindicated.
If an NFA item is legally inherited, even if it's through intestate succession or through the residual clause of a will, it can still qualify for a tax-free transfer on a Form 5. I would definitely not specifically mention an NFA item in a will.
First, the usual disclaimer that nothing in this discussion is intended as legal advice. Next, a reminder that unless a will is filed in a public office, it is a confidential document that is subject to change at any time that a testator acts with testamentary capacity. Finally, in my experience, a designated personal representative may and often does decide not to formally probate a will, because many of the assets have been sold, gifted or otherwise transferred. With that in mind, please explain when a will is contraindicated.
He charged a fee for wills and trusts. Made a few bucks doing this.
He made a MINT on contested probate cases where family members paid him to go to court as they fought like cats over every last thing (guns included) when the deceased left no will, trust or other directive.
Make your heirs know who gets what gun, and things are much better in the long run.
For guns, I made a list of who gets what using word pad on a flash drive and am handing it over to my most trusted friend so he knows, I will not and suggest not making a list for all to see especially strangers I think courts and government don't need to see such a list.
These days I wouldn't mention anything other than a BB gun in a will
I have no children or grands that share my interests but I have been giving firearms and tools to folks who would appreciate them for years.
As for a will dispositioning your firearms, here in South Carolina, if you do not have a will your spouse will receive one-half of your intestate estate and your children will receive the other half. If there are no children, the surviving spouse would receive the entire intestate estate. Check with a lawyer in your state.
Exactly. That's typical for most, if not all, states. If you are happy with the state's plan for disposition, there is no need for a will.
On the other hand, writing a will that plays favorites among your heirs is a recipe for family dissension.
Example: I have neither wife nor children. My sister would therefore inherit everything. If she takes the gun collection to the LGS, they'll give her one-third the value and laugh all the way to the bank. Especially since there are high-end antiques and NFA in Vaults 1 and 2. So a letter with directions on how to get the most value would be very useful.
Absolutely! There are several auction houses with whom you could arrange with to sell your collection to get your family the best return short of selling them individually.
The definition of codicil may vary from state to state, but here a codicil is a change or amendment of an existing will. Because they require the same formality as a will (two witnesses and a notary public for a self-proving will here) it was usually considered better practice to complete a new will.
If provided for in the will, a separate exhibit may in some states be used to make specific bequests, and this may be changed by the maker of the will as assets and circumstances change, without the formality of witnesses and notaries. Face to face gifts are good, but as noted elsewhere, one must be careful to address the potential for claims of undue influence or duress. These are things that an attorney can help with because most have seen what misunderstanding, fear and resentment can do.
Separate names with a comma.