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Estate question if I should pass away unexpectedly
Posted: Mon Nov 16, 2015 6:52 pm
by heliguy
I have a couple suppressors and a SBR. All of my relatives live in IL, which does not allow these in state. If I pass away, how does my estate (wife) handle these items? Just looking for some thoughts before I contact a lawyer.... These items are NOT in a trust.
Re: Estate question if I should pass away unexpectedly
Posted: Mon Nov 16, 2015 7:55 pm
by LawBob
They go to whomever your will says. if no will, then then intestate laws of your state where you die.
if they are unable to take them (illinois law) then they may escheat to the state.
I suggest you talk to a local attorney. you could establish a testamentary trust (a trust that is in effect AFTER you die) naming certain beneficiaries. The trust is established in your NFA friendly state, and the trustee could be someone there etc...
there's a lot to consider, contact a lawyer.
Re: Estate question if I should pass away unexpectedly
Posted: Tue Nov 17, 2015 8:14 am
by silencertalk
Maybe find a trusted local FFL/SOT who you wife can have sell them, take a commission, and hand over the extra money.
Re: Estate question if I should pass away unexpectedly
Posted: Tue Nov 17, 2015 8:27 am
by L1A1Rocker
heliguy wrote:I have a couple suppressors and a SBR. All of my relatives live in IL, which does not allow these in state. If I pass away, how does my estate (wife) handle these items? Just looking for some thoughts before I contact a lawyer.... These items are NOT in a trust.
They go to whomever you list in your will. They will transfer on a Form 5 tax free, and no CLEO sign off needed. The estate will send in the Form 5 in duplicate along with a copy of the will and probate documents.
Re: Estate question if I should pass away unexpectedly
Posted: Tue Nov 17, 2015 11:10 am
by doubloon
Maybe they'll be out of NFA soon then they'll get sold out of your garage on a folding table mixed in with the kitchen gadgets.
Re: Estate question if I should pass away unexpectedly
Posted: Tue Nov 17, 2015 1:53 pm
by OJB4
doubloon wrote:Maybe they'll be out of NFA soon then they'll get sold out of your garage on a folding table mixed in with the kitchen gadgets.
If life could only be so easy.....A man can dream though. I'm dreaming about that day right along with you sir.
Re: Estate question if I should pass away unexpectedly
Posted: Wed Nov 18, 2015 10:10 am
by ncorry
heliguy wrote:I have a couple suppressors and a SBR. All of my relatives live in IL, which does not allow these in state. If I pass away, how does my estate (wife) handle these items? Just looking for some thoughts before I contact a lawyer.... These items are NOT in a trust.
\What state are you in now?