Estate Admin Issues and Firearms

[riverwolf1]

I want to bring this subject to as many shooters as possible, as a close friend passed away in October of 2021. He apparently had not done any Estate planning and now his 2nd wife and 2 adult children(first marriage) are locked in a battle with many things that are not being handled the way he would have wanted.
The single largest items are not the almost 30 Long range and Short range Benchrest Rifles, plus 70 other high end rifles but enough bullets powder and primers to last 10+ years. The saddest part is his daughter that traveled and shot with him was not permitted to take a couple of rifles and enough equipment to be able to continue shooting! The saddest part is a working cattle ranch, that has been owned by his family for 140 years! The kids are 50% owners and the 2nd wife now owns 50%, and the wife wants to sell the ranch, and the kids are at the ranch calving and doing all the work a ranch requires, because he failed to do any estate planning! Please don’t get caught in a situation like this, get your things in order. His estate went through probate. With an estate like this he should have had a Living Trust and this could all have been avoided.
I would imagine the gun shop handling the sale will put the Guns on a website just not sure which one yet. There are so many NightForce and March scopes it’s mind boggling.

 

[CJ6]

I have the serial #'s of the firearms each child is to get along with what dies and powders etc. Then to grand-children (3 firearms each). The rest to be divided by lot drawing.

 

[Rem06]

wife and i are doing that attourney thing now.

and Joe Biden will NOT be getting my shotgun or anything!

 

[jpx2rk]

Every state has different laws regarding estates, probate, etc. Sometimes (?) lawyers do have a purpose in life. Discuss your particular situation with an experienced estate lawyer/planner.

 

[5spd]

Yup I have living will/ trust and so do my kids.
One thing I can say is that make sure you stipulate in it that if anyone protests your decisions they will not receive anything.

 

[K22]

This issue is much more involved than just firearms. If you want your affairs handled in the manner of your wishes, "bit the bullet" and hired an estate planning attorney.

Don't try to do this one line or on your own. Every state is different, and the laws are complex and often change. Your attorney will keep you updated on any significant changes in the law.

I speak from personal experience. You should have three documents:

1. A Last Will and Testament.

2. Financial Power of Attorney naming someone you trust 100%.

3. Advance Health Care Directive.

 

[gunsandgunsmithing]

I want to bring this subject to as many shooters as possible, as a close friend passed away in Octover of 2021. He apparently had not done any Estate planning and now his 2nd wife and 2 adult children(first marriage) are locked in a battle with many things that are not being handled the way he would have wanted.
The single largest items are not the almost 30 Long range and Short range Benchrest Rifles, plus 70 other high end rifles but enough bullets powder and primers to last 10+ years. The saddest part is his daughter that traveled and shot with him was not permitted to take a couple of rifles and enough equipment to be able to continue shooting! The saddest part is a working cattle ranch, that has been owned by his family for 140 years! The kids are 50% owners and the 2nd wife now owns 50%, and the wife wants to sell the ranch, and the kids are at the ranch calving and doing all the work a ranch requires, because he failed to do any estate planning! Please don’t get caught in a situation like this, get your things in order. His estate went through probate. With an estate like this he should have had a Living Trust and this could all have been avoided.
I would imagine the gun shop handling the sale will put the Guns on a website just not sure which one yet. There are so many NightForce and March scopes it’s mind boggling.

The kids should bring every receipt and show every hour they've worked on that place. That'll help, but it sounds like they are pretty much screwed. I am still finishing up a similar issue. Long, ugly story but it is what it is. As others have said, laws vary and they need a GOOD estate lawyer! A cheap lawyer will cost them more money.

 

[riverwolf1]

The kids should bring every receipt and show every hour they've worked on that place. That'll help, but it sounds like they are pretty much screwed. I am still finishing up a similar issue. Long, ugly story but it is what it is. As others have said, laws vary and they need a GOOD estate lawyer! A cheap lawyer will cost them more money.

I told them today that they should be keeping a log of all the hours they put in at the ranch, and that they need to find an attorney. She got back to me and said they were going to get an attorney Right away.

 

[Emmett Dibble]

After watching my parents mentally decline rapidly before they passed my wife and I did our living wills, power of attorney and advanced directives. We don’t have the estate to deal with that the OP describes but aren’t leaving it to chance. My condolences to the OP for the loss of his friend and having to watch the family put through the ugliness described. Thank you for sharing.

 

[Riesel]

When I read or hear news such as this I am saddened and mystified. If you truly care
about the ones you love, DO THIS ! ! . capitalized for emphasis, not shouting. These
feuds, never end well and now the attorneys will make out like a bandit. A stitch in
time, saves time, money, and pain.

 

[DIBBS]

I plan to downsize substantially in the next couple years and move to a much smaller place. I do need to get my will updated as it has been a LONG time since it was last reviewed.

I do have a good friend lined up to help dispose of things not going to the kids/grandkids.

Probably other stuff that I'm forgetting....

 

[Pawnee Bill]

Proper Preflight Planning Prevents Piss Poor Performance

 

[Dusty Stevens]

My lawyer says if you have a dollar and 2 relatives you need to do some estate planning

 

[tthomp302]

Being in law school has definitely taught me the importance of these kinds of things. I now have a will and durable power of attorney set up and I'm 23. Another thing is that people do not want to think about "people dying in the wrong order" like if your beneficiaries die before you. These things need to be planned for so that things like OP described don't happen. $1000 or a little more for these documents will pale in comparison to the cost to your beneficiaries if you don't have a proper estate plan.

 

[snert]

My parents put thier house in a trust in 2003. In 2009 my dad died. We put his annuities and a large part of savings in the trust. My mom developed dementia and from 2013-2016 i traveled 800 miles every 2 weeks to take care of her. As trustee I also established POA and a health care agreement in which my mom paid the trustee of her trust to care for her (me) and I put it in an account in my name. She also paid rent for her house. That paid down her remaining money. It paid my expenses and set aside a nest egg for her future care. In 2016 she went into nursing care and immediately qualified for assistance. She got the exact same care she would have gotten had she sold the house, paid for every thing herself. In the end, she "got back" the years and years of taxes my dad (a double amputee who worked 36 years in a steel mill) had paid so I don't feel one lick of guilt. They left me the house and enough money to take care of her final expenses.

Best decision my dad ever made.

Exactly why I just had my will re-done, and will establish a trust when the house is paid off.

Never too early to buy insurance and get a will.