What to do with your firearms collection?

[MOUNTAINORACLE]

I suppose it's a rite of passage...Being an "old fart" my circle of friends being reduced annually by the ravages of old age. Because life happens, I have been considering what to do with my guns, ammo, accessories, etc if I die unexpectedly [it's a shame but you can't take it with you when you check out]. I will be giving some of my firearms/ammo etc to family members.

But, that leaves the firearms, ammo, etc that will be sold off. Since my wife and children have no idea of the value of First Generation Colt Single Action Army, Ruger Super Blackhawk, Winchester Presentation Grade, etc.

With the prices on firearms & ammo at an all time high, I am considering a massive culling of the herd. I'm considering starting by selling off the duplicates, then the safe queens [I have a couple of them that have disappeared in the safes and haven't been seen since the early 80s]. It will be hard to part with some of them but I will make sure they go to a good home, to someone who will treasure them. The more of them I part with the easier it will to sell them.

An "old timer" a bought the start of my Colt Collection from in the mid 60s stated: "you spend the first half of your life acquiring things and the second half, trying to get rid of them".

I haven't decided to start the sell yet...I am on the fence and looking for reasons to sell or not sell.

[ungawa]

I think you need to find a couple of knowledgeable gun enthusiasts you trust and have a lawyer write them into your will to assist in the final disposition of your firearms. Might even form a trust and pick a really good trustee and a backup. Maybe a lawyer will take a flat fee to oversee the trustee, I have no idea.

I have a friend that wants me to talk all his guns and keep them for his kids if anything goes wrong because he doesn't trust his wife to hold onto them. Put it in his will.

This kind of thing seems to be your main concern. So, by selling your prized possessions, you might be avoiding some of it. But by addressing the concern it might work out better for you during your life and your family later. I guess only you know for sure.

[SauerGrapes]

Other than my sister's son, who lives in Florida, I have no one to ''pass'' them to. I've given him a couple handguns, but I'm not sure where the rest would end up.
I have no advice for you other than, if you want to reduce your collection, now is probably a good time to do it.

[Emptymag]

Kudos for considering this and doing something about it proactively as opposed to what many people do - ignore it as though it will never happen.

At best, people who don't have their affairs in order leave a headache for those they leave behind, and at worst, the money, and things they worked all their lives for go everywhere but where they had intended.





I seriously doubt this is how it would turn out for you, but an example comes to mind of a lady I once worked with.
Her father passed away and when he was discovered (lived alone and not local to daughter) the police were called to find and gather up all the firearms. Guns were literally everywhere, from the bathroom vanity, to the sofa, to every closet in the house, and anything with a door, including the kitchen cabinets, and inside boxes of cereal. EVERYWHERE.

I forget the total, but it was somewhere in the neighborhood of 200 long guns and 150 handguns.
Long story short, she and her sisters hired a broker to sell them and only requested to keep about 5 that had sentimental value to them. He ripped them off and they lost all but about 6 of them. (only one of which was one that they really wanted)
They had to take legal action, but I don't know what the result was. It was pretty sickening overall though.

[BobFromBucks]

Kudos for considering this and doing something about it proactively as opposed to what many people do - ignore it as though it will never happen.

At best, people who don't have their affairs in order leave a headache for those they leave behind, and at worst, the money, and things they worked all their lives for go everywhere but where they had intended.

I seriously doubt this is how it would turn out for you, but an example comes to mind of a lady I once worked with.
Her father passed away and when he was discovered (lived alone and not local to daughter) the police were called to find and gather up all the firearms. Guns were literally everywhere, from the bathroom vanity, to the sofa, to every closet in the house, and anything with a door, including the kitchen cabinets, and inside boxes of cereal. EVERYWHERE.

I forget the total, but it was somewhere in the neighborhood of 200 long guns and 150 handguns.
Long story short, she and her sisters hired a broker to sell them and only requested to keep about 5 that had sentimental value to them. He ripped them off and they lost all but about 6 of them. (only one of which was one that they really wanted)
They had to take legal action, but I don't know what the result was. It was pretty sickening overall though.

Curious if this happened across the border in Ohio?

When I was 16 and started collecting, I met an elderly man in my hometown in Ohio but near Pittsburgh who had guns stashed everywhere. He had each one wrapped in oil paper and tied with twine. After he got to know and trust me he started showing me his collection. I'd mention a certain gun and he'd go find it. They were hidden above ceiling tiles, behind walls, you name it. He had some beautiful guns.

I needed money when I was in the Navy so I sold him a couple of my babies knowing he'd keep them for me when I got out and I could buy them back. He died while I was in some foreign country and by the time I heard, the house had been sold and all was gone.

I know he didn't have any close family and I always wondered what happened to those guns.

I know one other story like that where the man had no family so he called the Salvation Army and donated everything he owned. He was a family friend but he didn't want to bother anyone with his "old" stuff. He had rooms full of first edition books, Tiffany lamps and chandeliers, brass beds, a small collection of early Colt revolvers and some WWI and WWII guns including two Lugers that I knew about. I figured the Salvation Army was one well armed force after that.

[Emptymag]

No, wasn't the same guy.

Before they realized he was ripping them off, she had given me a complete list of the guns with the prices he was supposedly selling them for. She knew I was a "gun guy" and wanted me to have an opportunity to buy some, as she wanted them to go to someone who would appreciate them.
I could have had a heck of a collection, but it certainly didn't turn out that way.

[MT1]

It sounds as though you have several firearms that may have some considerable value. I understand where you are coming from as far as the spouse that has no clue of the value. I am in a similar situation.

My teenage daughter has some interest in firearms and has made it clear that she would like to have my collection to include the bayonets, militaria, and other items once I am gone. I am a bit puzzled at times why she wants everything other than the fact that she knows and understands the sentimental value. However, she is young and may change her mind with time. As a father my worst fear is this extending to a future son-in-law and their marriage goes the same direction as half of our society. A girl with the collection I have is either the perfect catch or someone to run from in fear.

I have numerous firearms that once belonged to family members (grandfather, uncles, etc...). These will likely go to cousins or their children. The challenge there is some of the cousins live in states with insane firearm laws.

My wife has no idea how many firearms I own, much less the value of them. She is aware there are a few in the $1,000+ range but doesn't know which. So what does one do to protect the value of the collection and the potential future investment for family members? One possibility I have considered is putting together a spreadsheet with current value, cost paid, etc... I already have a detailed listing of all firearms with full physical descriptions. All I need to do is add the dollar amounts. This of course would not be 100% accurate and real value would depend on market trends.

However, at the end of the day, once the "heirlooms" have been passed on the rest will probably go to auction. This will be her best bet of getting the most out of them. Sure, the auction house will take a hefty percentage but based on the gun auctions I attend, this is still more than selling privately or taking to a dealer who might offer half the value. But before anything happens she has to get in the safe and no one but me has the combo.

[Nucking Futs]

Our family has always placed all the guns on slips of paper and then we take turns drawing them out of a hat when someone dies or someone decides to give them up. Once you have "your" guns, you can trade or barter for others that were drawn.

When my old man passes, I foresee my sister and I just picking and choosing which we want/dont want. I dont hunt anymore, so I will gladly give her all of those hunting rifles in exchange for the A5 and the O/U 16 gauge.

Side note: When and if you decide to sell, let me know.

[ungawa]

Our family has always placed all the guns on slips of paper and then we take turns drawing them out of a hat when someone dies or someone decides to give them up. Once you have "your" guns, you can trade or barter for others that were drawn.

We play strip poker for them.

[Nucking Futs]

We play strip poker for them.

So you go across the hallway instead of across town?