inventorying your collection

[Rabbit57]

Guys, I am trying to put together an inventory of my collections, so that my daughter will have an idea of what she is dealing with when I pass. I am trying to set it up for a person who doesn't know a thing about my stuff, which would describe my daughter pretty well.  
I am open to any idea, but I would like to have something that is fairly simple to use. I can get lost in the minutiae, and I am hoping some of you guys have been down this road before me. 
Thanks in advance for your help.

Mark

[rpbcps]

Mark,

Back in 2019 when I was diagnosed with oesophagus cancer, with an 80% chance of survival, I was in a similar predicament. No one in my family knew the true value my collection, partly as my wife would have divorced me if she knew how much I had spent on it🤫 dealers in the UK would have paid peanuts and made big profits... So I decided to put an inventory together and pointers on who to contact to get the best value for the items.

I also talked my daughter through everything while I was undergoing treatment, she was the one in the family with the most interest.

Thankfully I survived the year long treatment and surgery, so the collection is still in my good hands, and has indeed grown a little more.

If you want, I can forward you my inventory, maybe not perfect but may give you an idea.

PM me your email address if interested.

Stay safe

Richard

[rpbcps]

Belay last pipe, I still have your email address in an earlier PM, ref: Butt Plates.

Let me know if you want it, and if so, I'll forward inventory on.

Richard

Edited November 1, 2023 by rpbcps

[StrangeRanger]

My executrix doesn't have a clue about firearms, accessories etc.  My will directs her to seek the services of a very knowledgeable friend who also happens to be an SOT and can assist in the transfers.  Way easier than trying to instruct a novice or to keep revising the inventory as its contents and value keep changing

[bradhe]

I keep an inventory on a basic spreadsheet with enough identifying info that they can be easily found.  I include what I paid for it and a guess of current value.  I also put together a specific set of instructions for my wife.  Certain guns go to kids, some go to the big auction houses, some to smaller outfits

The biggest issue I have is a shop for of parts and accessories, some of which are valuable.  Probably give to the auction houses as well

[katanafred]

Just a thought ... consider a revocable living trust.  That way, everything just passes on to your next designated trustee - i.e., your collection and the rest of your estate "carry-on" after your death. It buys time for your designated trustee to sort through things and precludes some states like mine (Virginia) from requiring that everything be appraised (which as you can imagine can run up into a lot of money to find someone qualified to appraise collections such as ours) before it is allowed to transfer.

[Doug Quaid]

Make a video with your camera.

Lay all your stuff out on a table, video each item in turn as you describe what it is and its current value.

This is also a good way to inventory your house full of belongings for homeowner insurance purposes.  

 

[Dan K]

Not sure how your stuff is papered. I have everything papered to a corp, including my FFL/SOT. The corp will stay in perpetuity to those named as long as they pay the fee to state of IN every two years & keep the license current if wanted. This avoids having to execute transfers upon my death & also allows the corp to be sold with all its assets in one deal if wanted.

Having been involved in several estates of FFL & non-licensees alike, my suggestion is to find someone with a license to dispose of your unwanted title I & title 2 firearms for a fair fee and pay her as they sell.

If she wishes to keep NFA firearms, a brief write up with the Form 5 process & anything your state requires may be sufficient. Non-NFA firearms are bearer instruments in most states and she can take possession if not otherwise prohibit by law. I would visit your estate plan with qualified legal advice in your state in any event.

My wife is well versed in the firearms regulations having been with me right after I got my license & what is here. I have an old 4 drawer file cabinet with my bound books, NFA forms, Corp paperwork, etc. she can follow.

 

A file folder with your estate plan, NFA forms, safe combination, inventory sheet, etc., in a safe spot would likely be helpful. Go through it with her now, I made sure my wife knew some time ago she is not to hand over a SMG to someone over the counter, title I items have to fill out the form, be I'D, called in, pass NICS, etc. She can do with the firearms & license as she pleases, however, she knows what to do in any event.

[Rekraps]

I too have thought of this over the past few years. I keep a .xls spreadsheet of every gun in the collection, SN/Description of gun/retail/wholesale value. Separately, I keep an updated file with complete descriptions of the most valuable guns; history, accessories, features and most important what amount I would retail the guns for. I update this often, based on market sales. It's important to remember that a "rig" or gun with most accessories is valued quite a bit higher than those without, and of course provenance documentation when available. 

I also keep electronic copies of Form 4's, Trust documents and pics.

The most important thing is to walk your kids/wife or whomever through the collection every now and then, put up with the rolling eyes and let them know that if something happens to you, if they are not confident is understanding what is in the collection, then find someone who they can trust and who knows firearms to help.

[Rabbit57]

Excellent advice guys, thank you.

Yes sir Richard. I would like to take advantage of your offer.

 

Mark

[reichstall]

Ok so I am a single male all your daughters can just marry me. But all kidding aside in my case I truly have no one worth a damn to give stuff too. They all have there greedy hooks out now wanting to know what I plan on doing. I have for years told people I do not believe in banks and have buried it on the property 79 acres. They ask if I left a map  I say no just clues. I plan on putting rolls of quarters here and there just to keep them digging. But my real plan is to sell it all before then. But in case I don't oh well let them dig.

 

[Maxim]

Good plan.  I only have a half an acre.

[Rekraps]

79 acres? Where?

[Outsider]

8 hours ago, Maxim said:

Good plan.  I only have a half an acre.

That would make for a short search.

[Outsider]

9 hours ago, reichstall said:

Ok so I am a single male all your daughters can just marry me. But all kidding aside in my case I truly have no one worth a damn to give stuff too. They all have there greedy hooks out now wanting to know what I plan on doing. I have for years told people I do not believe in banks and have buried it on the property 79 acres. They ask if I left a map  I say no just clues. I plan on putting rolls of quarters here and there just to keep them digging. But my real plan is to sell it all before then. But in case I don't oh well let them dig.

 

Just tell them you are giving everything to charity.

[rpbcps]

On 11/2/2023 at 7:33 PM, Rabbit57 said:

Excellent advice guys, thank you.

Yes sir Richard. I would like to take advantage of your offer.

 

Mark

Mark,

Check your email inbox.

[LSU Tiger]

Excellent ides and plans here.  To save space, I have three copies of my inventory.  One on my computer and two on flash drives, kept in my desk and vault.  I also included the price I paid for each item as near as I could remember.