Thursday, March 28, 2013

What if I have firearms in my estate?

We don’t yet know what changes there will be to State and Federal gun regulations. It does appear, at this time, that a possible expansion of background checks for gun transfers in Minnesota will be limited to person to person sales at gun shows. Even if gun regulations don’t change an iota, there are current regulations you should address in your will. For example, various individuals are prohibited from owning firearms, such as felons or minors. What happens if an heir or the specific person you gift the firearm to in your will becomes ineligible to own it? Your will should give specific direction to your personal representative if that happens. The last thing you want for your estate is confusion if a gift can’t go to a person you wanted it to.  If you plan to have firearms in your estate, be sure to let your attorney know. You should have a will and specifically address the transfer of firearms.