Inheriting several long guns, what do I need to do legally to possess and possibly transfer them?

[WhiteFordFarms]

Hello everyone. I am receiving a large amount of long guns, we are talking 60+ and and about half as much of that in handguns. Unfortunately the person who would have helped me navigate all of this is the one I am inheriting all of these from, if you understand the meaning. Even after we split them between us siblings for what we want to keep we will end up with a large amount of arms including new boxed items (several model 70's) and some specialty antiques (1966 mark V).  

What is needed for us to take ownership of the arms here in TN? And who are good FFL's and or good people in the area to reach out to that might can assist us in getting ones that we don't keep sold? Whats the best process there outside of just listing everything on Gunbroker?  We're out in the Germantown-Collierville area of TN. Where can we find the latest correct information regarding laws for these things?

Edited December 11, 2023 by WhiteFordFarms

[Darrell]

If you and the person who left the arms for you are Tennessee residents, then there is no special transfer required. Private transfers are legal in TN, with no paperwork involved. An exception would be if there are NFA firearms included in the inheritance; things like suppressors or machine guns, for example. 

The for-sale forum on this site is a good place to sell, once you've established the value of your arms. Gunbroker is good, too, but you'll need an FFL holder to help you if you need to ship out of state.

 

[WhiteFordFarms]

Thanks for the advice. Would it be as simple as a bill of sale to show value for the distribution of the assets and then just hand them over with no extra paperwork? Thanks for your help. 

[gregintenn]

11 minutes ago, WhiteFordFarms said:

Thanks for the advice. Would it be as simple as a bill of sale to show value for the distribution of the assets and then just hand them over with no extra paperwork? Thanks for your help. 

Simpler than that. Load em up and haul em home.

 

As far as turning them into cash, you have several options with varying difficulty/varying amounts of cash realized.

1) Easy…Take a cash offer from a schmuck like me and be done with it.

2) more difficult/more lucrative…employ an auction house with a good reputation to sell them, or find a reputable dealer to sell them on consignment.

3)‘most difficult/maximum profit…research value, advertise them, and sell each one individually yourself. This will require dealing with deadbeats, navigating the ever challenging world of shipping firearms, etc., but will realize maximum profit if you have the time and inclination to go that route.

Edited December 11, 2023 by gregintenn

[Darrell]

16 minutes ago, WhiteFordFarms said:

Would it be as simple as a bill of sale to show value for the distribution of the assets

You might want to speak with an attorney who specializes in estates, but since there are multiple heirs you might be wise to document everything with bills of sale, just to be able to show where the guns went and what cash assets they brought. You could, of course, divide the guns between the heirs and leave each heir to decide whether to sell or keep them.

Bear in mind that I am not an attorney, so anything I write here is really just my opinion. Do your own due diligence.

Edited December 11, 2023 by Darrell

[Alleycat72]

The ones I inherited all fit in the trailer behind my truck. 

[monkeylizard]

Assuming they're all "normal" firearms then you just pack them up and bring them home. Straight from the horse's mouth, which is the other end from where they've been speaking lately:

https://www.atf.gov/firearms/qa/whom-may-unlicensed-person-transfer-firearms-under-gca

Quote

Another exception is provided for transfers of firearms to nonresidents to carry out a lawful bequest or acquisition by intestate succession. This exception would authorize the transfer of a firearm to a nonresident who inherits a firearm under the will of a decedent.

The exception to that would be if the inheritance includes any National Firearms Act (NFA) items. Those would be suppressors (aka "silencers"), full-auto guns, short barreled rifles, and short barreled shotguns. There are a few other oddball things too that would fall under "destructive devices" and the purview of the NFA rules. Those still need to go through a transfer plus a $200 tax stamp unless your benefactor had them in a trust and you and/or your siblings were named on the trust as trustees.

 

Edited December 12, 2023 by monkeylizard

[Grayfox54]

The folks here like guns and lots of us are near by in the West Tennessee area. Post 'em here in the For Sale Forum. 

I have some experience with selling off estate guns. Several years ago I dealt with my late best friend's collection for his wife. 

First step is to do a complete detailed inventory. 2nd: establish current fair market value. This can be done by checking closed auctions on GunBroker and similar items for sale on the internet. Finally just sell 'em. I got a few tables at a gun show and sold many of them there in one weekend. Its a very time consuming and tedious process, but it will get you the most value. 

I'm right here in Bartlett. If I can be of help, just PM me. 

[Jpoc700]

Nothing to add but sorry for your lose.  Good luck with whatever you decide to do with your new collection.

[Grayfox54]

 I don't recommend selling them to a gun shop or FFL dealer. Remember, they have to resell them at a profit. They'll low ball you bad. At best, you might get half of what they're actually worth. 

Edited December 12, 2023 by Grayfox54

[OldIronFan]

Gun shops will take as much as 50% of the sale for consignment firearms. They will also offer you as little as 40%~50% of the real value if you want to just sell a collection or individual pieces to them. 

They will mark them up significantly to either maximize their profit or leave them room to mark down if the item is slow to move off the shelf. They do not want stagnant inventory. 

There are fewer and fewer shops that wish to deal in used guns, especially older used guns, these days. That is especially true of the bigger and flashier stores. 

Your best bet is to find a knowledgeable family friend that can help value the items and assist with selling them. I have done this for two estates. I assigned a value to the items, highlighted some of the rarer or more valuable items they might wish to keep in the family, made fair offers on a few items I wanted to keep myself, and helped them sell the remainder to more distant relatives that were not beneficiaries in the estate. In one of those situations the friend gave me one of the items I had made an offer on as thanks for my help. In the other I bought two of the items at a discount and was treated to a nice steak dinner as thanks for the help. I did not expect any of it since I was just helping friends out but it was appreciated.

Just be on the lookout for "friends" that want to take advantage of the situation by either under valuing or skimming off the choice pieces. Take a full inventory of serial numbers, brands, and models engraved on the items prior to having outsiders look at the collection. I recommend keeping a spreadsheet of the items no matter how you decide to handle the collection. Update the spread sheet with values or dispositions as they happen but at least you are starting with a full list of the serial numbers and have something to look back at if there are issues that pop up months down the road. 

Edited December 13, 2023 by OldIronFan

[Grayfox54]

7 minutes ago, OldIronFan said:

Just be on the lookout for "friends" that want to take advantage of the situation

A very valid point. "Friends" have an unfortunate way of turning into vultures. They act like they're doing you a favor, but in fact are trying to screw you and get the guns cheap. Often to resell at a big profit.  

In your inventory you want to list: Make, model, caliber, serial number, any special features and if possible, the year made. All of this info can have a big affect on a guns value. 

[WhiteFordFarms]

On 12/11/2023 at 11:40 PM, Grayfox54 said:

The folks here like guns and lots of us are near by in the West Tennessee area. Post 'em here in the For Sale Forum. 

I have some experience with selling off estate guns. Several years ago I dealt with my late best friend's collection for his wife. 

First step is to do a complete detailed inventory. 2nd: establish current fair market value. This can be done by checking closed auctions on GunBroker and similar items for sale on the internet. Finally just sell 'em. I got a few tables at a gun show and sold many of them there in one weekend. Its a very time consuming and tedious process, but it will get you the most value. 

I'm right here in Bartlett. If I can be of help, just PM me. 

Luckily this is the part I am decent at. Some of the more interesting pieces and older rifles like one that appears to be 1934/1935 Winchester were difficult to date and one of the more custom rifles sent me for a journey, but I know what I have and a good idea of pricing through several sources. I will reach out for sure, thank you.  

On 12/12/2023 at 11:13 AM, Jpoc700 said:

Nothing to add but sorry for your lose.  Good luck with whatever you decide to do with your new collection.

Thank you for your kind words. 

20 hours ago, OldIronFan said:

Gun shops will take as much as 50% of the sale for consignment firearms. They will also offer you as little as 40%~50% of the real value if you want to just sell a collection or individual pieces to them. 

They will mark them up significantly to either maximize their profit or leave them room to mark down if the item is slow to move off the shelf. They do not want stagnant inventory. 

There are fewer and fewer shops that wish to deal in used guns, especially older used guns, these days. That is especially true of the bigger and flashier stores. 

Your best bet is to find a knowledgeable family friend that can help value the items and assist with selling them. I have done this for two estates. I assigned a value to the items, highlighted some of the rarer or more valuable items they might wish to keep in the family, made fair offers on a few items I wanted to keep myself, and helped them sell the remainder to more distant relatives that were not beneficiaries in the estate. In one of those situations the friend gave me one of the items I had made an offer on as thanks for my help. In the other I bought two of the items at a discount and was treated to a nice steak dinner as thanks for the help. I did not expect any of it since I was just helping friends out but it was appreciated.

Just be on the lookout for "friends" that want to take advantage of the situation by either under valuing or skimming off the choice pieces. Take a full inventory of serial numbers, brands, and models engraved on the items prior to having outsiders look at the collection. I recommend keeping a spreadsheet of the items no matter how you decide to handle the collection. Update the spread sheet with values or dispositions as they happen but at least you are starting with a full list of the serial numbers and have something to look back at if there are issues that pop up months down the road. 

Yes, I didn't even make my inquiry until I had them logged to know what we have and to prevent any unfortunate circumstances should someone try and take advantage. More than half of the collection is new boxed or was unboxed stored in a safe and still has tags but still having the original box and papers. The ones that I could use advisement in the area would be several levers, 1873 style single actions of a few different varieties (all replicas no originals), and odds and ends for those. 

[BigK]

You should post some pics for us to drool over.

[gregintenn]

I'd determine a price and post them here. If they don't sell, then try plan b. There are some good folks to deal with on this forum, and bring much less drama than other places you could sell.

I still haven't figured out why everything interesting ends up in Memphis though. They need to move it closer to middle Tennessee.

[Choatecav]

9 hours ago, WhiteFordFarms said:

 Yes, I didn't even make my inquiry until I had them logged to know what we have and to prevent any unfortunate circumstances should someone try and take advantage. More than half of the collection is new boxed or was unboxed stored in a safe and still has tags but still having the original box and papers. The ones that I could use advisement in the area would be several levers, 1873 style single actions of a few different varieties (all replicas no originals), and odds and ends for those. 

Uh Oh..... You used the "L" word (lever).  

Make sure you don't post your actual address on this forum or Snaveba will be there before morning trying to pick the lock. 

[WhiteFordFarms]

On 12/14/2023 at 5:51 PM, Choatecav said:

Uh Oh..... You used the "L" word (lever).  

Make sure you don't post your actual address on this forum or Snaveba will be there before morning trying to pick the lock. 

Actually if anyone knows levers really well I could use some assistance. As far as I know this rifle is a relatively rare version of a 92? 

No top safety neither the bolt nor the dial one. Serial is stamped on the side rather than under the lever like I have seen on other 92's. The rare part I am thinking here is the barrel itself is half octagon half round. Serial starts with AM, but I have heard that the serials do not mean much. Posting pictures in the hope that someone might be of assistance. 

I'll also post the pistols here, no identification needed on these I have identified them, since I think someone who can date the 92 would appreciate some the pistols. 

 

And for those that were interested I am planning to grab a membership and list the guns once I have quality photos of all of them. 

links because file size was far too large

https://imgur.com/a/mwe0nSm

[Smith]

The 92 is a Rossi. It's not a rare Winchester in the collector sense but still is a great gun. I personally have a couple and they have increased in value over the years.steve is who need to talk to about the Rossi. Great guy and is the source. ttps://store.stevesgunz.com

This is from 2009 https://www.levergunscommunity.org/viewtopic.php?t=23168

Edited December 27, 2023 by Smith

[TripleGGG]

It was made in the late 90's and  imported by InterArms and was only available in 45lc if I remember correct. A lot of folks want them due to none of the safety stuff giving them a clean look. 

As stated not Winchester collector money but very solid rifle. I haven't seen or heard of one sellingl  lately so no price references to offer. 

[Grayfox54]

You've got some nice stuff there. I'll be very interested to see the complete list once you have it worked out. 

[WhiteFordFarms]

On 12/28/2023 at 3:54 PM, Grayfox54 said:

You've got some nice stuff there. I'll be very interested to see the complete list once you have it worked out. 

Hoping to have a full list for everyone here within the next couple of days. 

On 12/27/2023 at 3:49 PM, TripleGGG said:

It was made in the late 90's and  imported by InterArms and was only available in 45lc if I remember correct. A lot of folks want them due to none of the safety stuff giving them a clean look. 

As stated not Winchester collector money but very solid rifle. I haven't seen or heard of one sellingl  lately so no price references to offer. 

So a rarer Rossi, which is less desirable than the henry or a genuine Winchester. Still interesting to see something thats rare enough not to be listed frequently. From what I can tell even the nicer older Rossi's don't much exceed that $800 range though. 

[TripleGGG]

27 minutes ago, WhiteFordFarms said:

Hoping to have a full list for everyone here within the next couple of days. 

So a rarer Rossi, which is less desirable than the henry or a genuine Winchester. Still interesting to see something thats rare enough not to be listed frequently. From what I can tell even the nicer older Rossi's don't much exceed that $800 range though. 

Great guns just don't have the following of Winchester Marlin and Henry yet. 

[WhiteFordFarms]

10 minutes ago, TripleGGG said:

Great guns just don't have the following of Winchester Marlin and Henry yet. 

I'd just feel bad shooting a genuine Winchester. And with some Henry prices I think I'd feel the same. But feel way less guilt throwing around a shorter Rossi. 

 

Side note as for listing things on here, whats the etiquette for posting large amounts? Individual posts per firearm or one post with a whole list? Wanted to give those here a chance at them before they head to gunbroker. 

[TripleGGG]

1 hour ago, WhiteFordFarms said:

I'd just feel bad shooting a genuine Winchester. And with some Henry prices I think I'd feel the same. But feel way less guilt throwing around a shorter Rossi. 

 

Side note as for listing things on here, whats the etiquette for posting large amounts? Individual posts per firearm or one post with a whole list? Wanted to give those here a chance at them before they head to gunbroker. 

This question was recently asked and the majority preferred individual posts per firearm. You'll find it is much easier to keep track of questions etc doing individual listing for each. 

[WhiteFordFarms]

4 minutes ago, TripleGGG said:

This question was recently asked and the majority preferred individual posts per firearm. You'll find it is much easier to keep track of questions etc doing individual listing for each. 

It's going to be 30+ posts. I may combine some to make it more readable.