Estate Planning and MG Collection

Discussion in 'NFA Firearms & Related Items' started by Sgt, Jun 26, 2005.

  1. Sgt

    Sgt New Member

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    Jun 26, 2005
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    Hi All! This is my first post here and though maybe you could help me with an important subject. I have been collecting machineguns for several years, and thought I'd better get these listed in my will. I have one point that is unclear to me. Should I die, does my executor need any special forms to take temporary possession of my collection? I assume he would not go through the usual transfer process, since he has to take immediate control of my property, correct? Thanks
    Last edited: Jun 26, 2005
  2. 45Smashemflat

    45Smashemflat New Member

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    I am probably wrong on this - but I know that you can leave class III weapons to folks through a will. I believe that if you have the specifics stated clearly in the document and your executor has the information to be able to locate the original tax stamp documents, he should be able to effect the transfer with out actually taking physical possesion of the firearms. Note, while the tax should not have to be paid again, I belive the transferee will still need to go through the paper work/CLEO process in order to clean up the papertrail for the ATF. They still need to know "where they went."

    Got any you want to sell?
  3. The Rabbi

    The Rabbi New Member

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    Mar 15, 2006
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    San Antonio Texas
    It is not that big a deal and the ATF has made this a bit easier as of late.

    If you Die and are an owner of Title IIs, here is what happens.

    First of all the Executor is allowed to posses the weapons if need be to identify the heir. Second if you are the heir and can own them, all you need to do is file a form 5. You do not need a Cleo sig and you do not pay the tax. You do not even need a dealer to do the transfer if you live in another state. The ATF would like for you to do all of this as fast as you can. I have been through it with people a few times.

    That is about it.
  4. Roughrdr

    Roughrdr New Member

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    Location:
    North Carolina
    I second the form 5, needs to be filled out asap once the owner passes, went thru this when my uncle passed and left me his grease gun. Forms readilt availbale from your local Batf office.

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