Firearm Transfer in Estate

GjD · Apr 10, 2013

This is my first post and I would appreciate advice if available. I am an attorney in Vancouver, WA. I represent a local Bank who is acting as the Executor/Trustee of an estate. The estate includes various firearms including an AR 15 and other items. The Will of the deceased person instructs that the firearms are to go to a specific relative but the relative does not want the firearms and has asked that the Executor/Trustee sell the firearms and give the beneficiary the cash proceeds.

I am a gun owner myself and I am generally familiar with the rules on transfers including the need to use a FFL if transfers are across state lines or may involve persons who are not eligible to own firearms, but in this situation I have no idea how to proceed to get the highest price, legally, and to make the transfer quickly to provide funds to the beneficiary.

If you can help me I would really appreciate it.

Regards

Nwcid · Apr 10, 2013

In this case not going to family it for sure should be transferred though an FFL even in state.

Well to get the highest price depending on the item you have 3 choices. Obviously you also have to figure your time into that cost.

The highest price will probably come from posting on a site just like this since there are no fees, but will also require the most of your time.
Next would be an auction site like Gunbroker where you will end up paying about 3-6% on the total sale. Depending on the items you are selling you may get more money since you will have a larger pool of buyers.
Last would be a consignment with a local gun store. This will be of very low effort to sell but come with usually 20% going to the shop. Also the prices will have to be low enough not to compete with new prices. Say a new one is $500 the consigned one has to be at a price low enough to make the buyer choose it.

rick · Apr 10, 2013

... but in this situation I have no idea how to proceed to get the highest price, legally, and to make the transfer quickly to provide funds to the beneficiary.

GunBroker auctions might be the way to go for this, particularly if you can find a GunBroker-savvy FFL near you that will take care of everything for a percentage of the proceeds.

hermannr · Apr 10, 2013

GjD said:
This is my first post and I would appreciate advice if available. I am an attorney in Vancouver, WA. I represent a local Bank who is acting as the Executor/Trustee of an estate. The estate includes various firearms including an AR 15 and other items. The Will of the deceased person instructs that the firearms are to go to a specific relative but the relative does not want the firearms and has asked that the Executor/Trustee sell the firearms and give the beneficiary the cash proceeds.

I am a gun owner myself and I am generally familiar with the rules on transfers including the need to use a FFL if transfers are across state lines or may involve persons who are not eligible to own firearms, but in this situation I have no idea how to proceed to get the highest price, legally, and to make the transfer quickly to provide funds to the beneficiary.

If you can help me I would really appreciate it.

Regards

As a lawyer for an estate, and a commercial bank, your fudiciary responsibility would to get "fair market value" for the estate...and..

The only way I know to do that is through an auction. I would put them in gunbroker with "No-Reserve". Start them at $0.01 and make sure that you have an FFL that has agreed to do the transfers beforehand. (use lots of photos so bidders can see what they are bidding on)

It really does not matter what the "fair market value" is, a auction will always find it...and gunbroker has a very large audience.

Mark W. · Apr 10, 2013

I have to agree with the above advise. To seek out an on line auction to sell the firearms, Gun Broker being a very good choice.

As to the how to get the best price. Multiple clear sharp well lit photos showing every detail of the firearms is very important. You do not need to offer serial numbers. But if the firearm has any real collectability then offering the serial number as 1234XXX with the last 2 or three numbers X'ed out will allow a collector to check on the age of the firearm. The title to the auction should clearly state what the Maker Model and Caliber as well as any significant things that might discribe the firearm. An example would be on a Winchester Lever action you would want a title that includes either the barrel lenght or at least if it is a rifle or carbine. (barrel lenght is measured by running a dowel or cleaning rod down the barrel until it touches the face of the closed bolt and then marking the muzzle on the rod and measuring the end to the mark.

Using stock photos of the firearm will not "Help" your sale. And will result in multiple questions for details.

Hope this helps

JAFO · Apr 10, 2013

Personally I'd recommend getting in touch with coctailer from this board and asking him what he might charge to list and sell the items for you on gunbroker.com or to see if he's interested in this. Any of the dealers on this board, or your personal local choice in FFL dealer, would likely do this for a reasonable fee. Keep in mind that they will also have to box them up and ship them to the FFL dealer of the winning bidders and/or do transfers for any local buyers who might win the auctions.