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Posted: 1/2/2019 2:59:21 PM EDT
I have a chance to buy about 75 gun collection from an estate.  The Personal Rep from the estate lives in state A and has the courts permission to sale.   The actual guns are in State B, and I live in gun friendly States C.  As an FFL I know I can cross state lines and buy the guns, but what do you log them under?   The guys estate, as that is who is getting paid for the guns?   Or the PR as that's the person selling them?
Link Posted: 1/2/2019 7:42:24 PM EDT
[#1]
Did the estate go through probate or is this on behalf of a trust?

I assume the person selling the guns has a Power of attorney?

I use the person selling the guns name and address. I get a copy of the POA. I know different states have different rules, I have a online form I print out and have to have them sign and fingerprint. In the notes I include a note that it is on behalf of so and so's estate and "this guy has a POA". I keep a copy of the trust and POA. I also get a photo copy of the exucutioner's DL.

If I have that many guns I will send the forms later via FedEx and have him sign/FP and return them. I will usually have them agree to let me hold back a certain dollar amount till I get the forms. If they don't want to do that, I'll be at your kitchen table or office for a while. I have my own computer & printer I take with me.

Im sure living and doing business in a free state requires less work, but if you are not used to, familiar with but buying used guns in quantity you might check up on your states laws.

Sounds like Ike a good score. I focus primarily on collections and inherented guns. That's really where I make my money.

Depending on what's included that volume would be my goal for the year. I'm alway buying and selling, but my goal is one big score a year. Congratulations, I hope it goes through.
Link Posted: 1/2/2019 8:37:50 PM EDT
[#2]
Quoted:
I have a chance to buy about 75 gun collection from an estate.  The Personal Rep from the estate lives in state A and has the courts permission to sale.   The actual guns are in State B, and I live in gun friendly States C.  As an FFL I know I can cross state lines and buy the guns, but what do you log them under?   The guys estate, as that is who is getting paid for the guns?   Or the PR as that's the person selling them?
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The guns are the property of the estate. Log them as "Estate of John Doe".
Link Posted: 1/3/2019 10:06:56 PM EDT
[#3]
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Quoted:
I use the person selling the guns name and address. I get a copy of the POA. I know different states have different rules, I have a online form I print out and have to have them sign and fingerprint. In the notes I include a note that it is on behalf of so and so's estate and "this guy has a POA". I keep a copy of the trust and POA. I also get a photo copy of the exucutioner's DL.
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POA's are worthless after death.

Hopefully the bolded word is auto-corrected...
Link Posted: 1/5/2019 10:32:33 PM EDT
[#4]
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Quoted:
POA's are worthless after death.

Hopefully the bolded word is auto-corrected...
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Quoted:
Quoted:
I use the person selling the guns name and address. I get a copy of the POA. I know different states have different rules, I have a online form I print out and have to have them sign and fingerprint. In the notes I include a note that it is on behalf of so and so's estate and "this guy has a POA". I keep a copy of the trust and POA. I also get a photo copy of the exucutioner's DL.
POA's are worthless after death.

Hopefully the bolded word is auto-corrected...
I should have clarified regarding the POA, If the beneficiary of a trust needs someone to handle everything they will often hire a Fiduciary. That person will have a POA to handle the trust, a lawyer can also handle it on behalf of the trust. In those case's you record the Fiduciary or lawyer as the "seller" and keep copies of the trust and POA. POA's can be for almost anything. I have a bunch of transactions that took place and I was provided with a copy of both he trust and the POA for the fiduciary.
Link Posted: 1/5/2019 10:57:52 PM EDT
[#5]
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Quoted:
Since when? If the beneficiary needs someone to handle everything they will often hire a Fiduciary. That person will have a POA to handle the trust, a lawyer can also handle it on behalf of the trust. In those case's you record the Fiduciary or lawyer as the "seller" and keep copies of the trust and POA. POA's can be for almost anything. I have a bunch of transactions that took place and I was provided with a copy of both he trust and the POA.

A good example of a POA being valid after a death is, a person goes into cardiac arrest, the POA is on scene he/she can make the decision whether or not to attempt resuscitation the Patient is technically dead(only mostly dead). And then handle the immediate affairs afterward.
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In your first example the trustee passed, the trust is still an entity and it's still very much alive.

In your second mostly dead  dead until a doctor says the guy is dead, so of course the medical POA can enforce things like DNR requests.

Anything after that is handled by the probate estate's executor or administrator, who may or may not have been the POA of the deceased.  Often it is the same trusted person.  In any event the OP said there's a PR which is not a POA.
Link Posted: 1/6/2019 11:38:05 AM EDT
[#6]
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Quoted:

In your first example the trustee passed, the trust is still an entity and it's still very much alive.

In your second mostly dead  dead until a doctor says the guy is dead, so of course the medical POA can enforce things like DNR requests.

Anything after that is handled by the probate estate's executor or administrator, who may or may not have been the POA of the deceased.  Often it is the same trusted person.  In any event the OP said there's a PR which is not a POA.
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I see what your saying, makes sense. I've always felt with everything with Fiduciaries, and they have POA's and the trust for me. I asked my IOI how to document it and he told me to use the POA or Trustee's name with "on behalf of XXX trust" then the address. I also have stuff I have to do for the state and they ant me to document it the same way.
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