Was talking about this to someone at work today.
What happens to NFA Items that are individual after said person passes away?
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Was talking about this to someone at work today.
What happens to NFA Items that are individual after said person passes away?
Not in trust, no will, etc? I believe they are disposed of... cut in half, thrown out. But I have no clue if that’s true/legal... for some reason it’s what I remember hearing as I was debating getting a Trust or not years ago.
Horses mouth..... https://www.atf.gov/firearms/docs/tr...tates/download
If you have nothing in place it goes away.
Can't imagine going to the trouble of owning NFA firearms but not having provisions in place for when you pass away.
I skimmed over that. It appears HEIRS to the estate can get the NFA items transferred to them via the executor (better have a will) as long as they do it before closing probate. That would certainly put a wrinkle in distributing assets to your heirs timely.
The grey area is possession. I'm reading the ATF gives a legal estate executor a "reasonable amount of time" to facilitate the transfer to heirs.
It's pretty clear the NON REGISTERED NFA are contraband and totally illegal and to be surrendered to the ATF. That's kind of a "Duh" thing to me.
Besides the fact Weaver wouldn't sign NFA when I did mine, it was a huge benefit to transfer all the 15+ cap magazines in the trust as well prior to Jul 2013, and by declaring a co-trustee and/or beneficiaries, the transfer of the trust (trust items) becomes so much simpler.
Real easy it's called a Form 5. Goes to who ever is designated as executor upon death. There's also no charge / fee to transfer non-trust items. Tim posted the link. My only suggestion is read some of the other post regarding wills, estate planning, etc.
Thinking you have everything covered upon your death and actually being covered are way different.
IMO Spend the $$ with an attorney, instead of those quicken will on line types.
NFA items licensed to individuals may be passed to his heirs upon death--with or without a Will. If you don't have a Will in place, state law determines who gets your stuff (i.e. your legal heirs). In Colorado, it's Spouse, Kids, Grandkids, Parents, Siblings, etc.
There are several criteria to determine how extensive the probate process might be for your estate. If you have a Will, you will nominate your choice of person to serve as Personal Representative (a/k/a Executor). If you don't have a Will, the Personal Representative role is up for grabs among a list of people who may have an interest in your Estate. Ultimately, in either case, the Court appoints a PR. The PR, as Mr. Kay-Zoo correctly noted, may then transfer NFA items to heirs via a Form 5.
Simple as that!
[HiFive]
I've bought several NFA items that came from a situation like this, just as mentioned above. Though it can be a bit of a challenge, because often you negotiate a deal with the heir/beneficiary at a tough time, but then usually have to work with someone else (PR/executor as Rod mentioned) to complete the paperwork, and can be a lot of going back and forth, especially if any of the parties are not "gun people".
I could definitely be wrong and would defer to the Rods/lawyers out there, but my understanding is that NFA isn't really that different than anything else in your estate (other than the obvious paperwork and possession dynamics). Make sure you have a will / plan for when you kick the bucket boys, and not just for your NFA toys...
So basically my coworker doesn't care what would to his NFA Items if he were to pass.
Providing he has an executor. If not the state assigns someone to handle them.Quote:
Originally Posted by electronman1729
My suggestion (again) get the estate and will done sooner than later, assign an executor, fill out the POD at banks and any other savings or retirement account. Have ones funeral, services, etc paid for prior to death
I wish everyone thought like that. Even a small amount of planning will save the people left behind a whole lot of hardship (and money).Quote:
Originally Posted by Great-Kazoo