What does my family do with my NFA's when i die?

[ARCHIVED THREAD] - What does my family do with my NFA's when i die?

Posted: 10/7/2007 9:47:48 AM EDT

I have CLEO sign offs form 1's and a form 4.What do they have to do.I thought i read something that they can inherit them.

Posted: 10/8/2007 7:59:08 AM EDT

[#1]

What if you have your NFA firearms in a Trust where u have specifically distributed ur assets, would the administrator of the trust have to sell the firearms to someone approved/stamp by ATF?

Posted: 10/8/2007 9:52:00 AM EDT

[#2]

Thanks wdlsguy
Ur ATF link have provided some insight on my question.

Posted: 10/9/2007 7:35:41 PM EDT

[#3]

What if you want to leave to minor children? Can you do that if the items are in a trust? Leave them in the trust until the children reach an age that they can legally receive the NFA items???

Thanks, FH

Posted: 10/11/2007 6:14:41 AM EDT

[#4]

Quoted:
What if you want to leave to minor children? Can you do that if the items are in a trust? Leave them in the trust until the children reach an age that they can legally receive the NFA items???

Thanks, FH

I am wondering that as well since I would like to leave mine to my children, but they will not be legally able to register them for quite awhile.

Posted: 10/11/2007 8:44:55 AM EDT

[#5]

I have no idea about when a trust is required to distribute its assets -- either ask a lawyer, or email Quicken.

I do know that while there are federal laws governing the minimum age at which an individual can purchase a firearm from an FFL, there are no federal laws governing a minimum age at which to possess a firearm.

So unless there are additional state laws where you live governing possession of firearms by minors, a six-year-old can legally inherit and become the registered owner of NFA items.

It then becomes a tricky issue in that the minor is the only one legally allowed to possess the item, but the minor's guardian has a responsibility to prevent use of said NFA item until the minor is old enough to use it responsibly. IMHO, this is another case where a bank safety-deposit box could be used effectively.

Just do what I did: Live long enough to see your kids grow up.

Posted: 10/12/2007 3:38:45 AM EDT

[#6]

Quoted:

Quoted:
What if you want to leave to minor children? Can you do that if the items are in a trust? Leave them in the trust until the children reach an age that they can legally receive the NFA items???

Thanks, FH

I am wondering that as well since I would like to leave mine to my children, but they will not be legally able to register them for quite awhile.

DH and I are dealing with this now. If we both die before our children reach the age of majority then everything goes into a trust for their benefit.

Be very, very careful when selecting a trustee as this person or entity controls all of the assets until the beneficiaries reach the age of majority or another age you select (25 years old for our kids). DH and I each asked a sibling who we trust and who we know to be financially savvy to act as co-trustees, and there are very specific instructions laid out for them on how they can invest, how much can be disbursed and for what reasons, etc. Otherwise go with an attorney; last resort would be a bank since (I know from experience) they will invest everything in their own poor-performing high-load mutual funds (thanks for nothing you BoA b*st*rds!!!).

We had an attorney draw ours up as if it were not done correctly we didn't want to risk dieing intestate with minor children.

Posted: 10/12/2007 8:33:23 AM EDT

[#7]

Leave them to heirs? Hell, I'm taking mine with me.

If I can just get them past St. Peter.

[ARCHIVED THREAD] - What does my family do with my NFA's when i die?

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