Do you own a firearm or firearm collection? If so, you probably understand both the sentimental value and the real-world value that your guns hold. So, chances are you want to keep your guns in the family.
Even though no one likes to think about death, you need to make arrangements for what’ll happen to your precious guns once you pass away. Otherwise, you could leave your family with a severe and legal headache.
Without a proper will, dealing with firearms after death can become incredibly complicated and stressful for your executor and family. You need to make sure that your will is detailed, comprehensive, and that it includes instructions on what to do with your guns.
Here’s why:
What Happens to Your Guns After Death?
After your death, if you have a detailed will, your gun license will transfer to the executor of your will. This provides your executor with the legal right to follow your wishes to a “T”!
However, you need to keep in mind that this license is only temporary and is only valid as the will is being handled. Once everything is settled, the provisional gun licence will not be transferred to the recipients of the guns—they’ll need to get their own valid PAL. So, it’s a good idea to let the person you wish to will your guns to know that they must make arrangements to get their own permanent gun license as soon as possible.
If you find out that no one in your family wants your firearm or firearm collection, you can always contact GTA Gun Auctions. We can make arrangements and auction off your firearms so you can leave the extra cash to your family instead.
What if My Executor Isn’t Legally Allowed to Possess Firearms?
The above question illustrates why it is so essential to make arrangements for your guns ahead of time. If your executor is not allowed to possess firearms, then the temporary license will not be transferred to them. Instead, they will need to make other arrangements to find someone who can act on their behalf when it comes to your guns.
Many people don’t think about checking to see if their chosen executor can legally possess guns, so confirming this ahead of time can save your family from a tremendous amount of frustration.
Will My Family Owe Taxes?
Yes—when you will your firearms to your family, they’ll have to pay the estate administration tax on each gun they receive. But there’s a loophole! If you transfer ownership of your guns to your family members while you’re still alive, then there are no taxes to be paid.
You just need to make sure that your family members have a valid PAL so they can legally take possession of your guns. This is an excellent way for you to ensure that your firearm or collection will remain in your family, without worrying about taxes reducing your inheritance.
Don’t Forget to List Where Your Guns Are Stored
Not only will you leave your family with a gun problem if you don’t have a detailed will, but if you forget to let your family know where your guns are stored, you’ll send them on a wild goose chase that no one wants to deal with after a familial death.
Take the time to talk to your family about where your guns are stored to ensure that everything is in the same place and 100% secure. You can always opt to use our Safe Storage options, so your family will know exactly where all of your guns are. You can be sure that they’ll be taken care of by the gun professionals here at GTA Gun Auctions.
GTA Gun Auctions Can Help
If you really don’t want to leave your family with a gun problem, then you need to let them know about GTA Gun Auctions. Did you know that the executor of your will can take your firearms to us and we will deal with all of the paperwork? We can even pick up the guns for them too!
We’ll guide everyone through the official transfer process, so that putting your firearms in their possession is a breeze. Plus, if they’d prefer to sell your firearms, we can easily list them on our online auctions that draw in over 65,000 avid buyers from all over North America. This will put more cash in your family’s wallet than selling them at a gun store would, as our auctions attract heated bidding wars.
What’s more, the Canada Revenue Agency has made it mandatory for all firearms to be professionally appraised for widows, heirs, and estate executors who have firearms bequeathed to them before a will may be probated. That’s why we even offer appraisal services that will provide your family with the exact value of what your firearms are worth. Our skilled and experienced team of gunsmiths conduct extensive research and analysis of all firearms, ammunition, and related gear to provide a professional and fair opinion of their value.
Even though the subject of death is never easy to broach when you’re making arrangements in your will, your family’s life will be a whole lot easier if you do so. Don’t hesitate to give GTA Gun Auctions a call today and learn more about our online auctions, safe storage options, or any of our other services. We’re more than happy to help!