- within Tax, Employment and HR and Technology topic(s)
- with Senior Company Executives, HR and Finance and Tax Executives
- with readers working within the Banking & Credit, Business & Consumer Services and Consumer Industries industries
When you pass away, your executors are required gather your assets and distribute them to the beneficiaries of your choosing in accordance with the terms of your Will.
But what happens if you hold assets that require special permits or licensing, such as firearms and related equipment?
If your executor holds the appropriate licence, they can take control of your firearms, ammunition and any related reloading equipment ahead of the transfer to your nominated beneficiary. But if they don't, this can lead to circumstances where your executors are unsure of what to do and may cause them to inadvertently act incorrectly or illegally.
Improper storage or limited knowledge by your executors means that your firearms are susceptible to loss or theft, creating significant stress for your loved ones and compromising community safety.
We strongly recommend that firearm owners plan ahead by addressing the requirements for their firearms to prevent leaving an administrative burden on their loved ones after their passing.
We recommend that firearm owners undertake the following to ensure their firearms are correctly dealt with after their death:
- Prepare your Will to specifically deal with your firearms.
- If you want to keep the firearms in the family, ensure that you
and your family familiarise yourselves with the processes involved
in passing on firearms and ensure all parties are aware of who will
assume responsibility for the firearms upon death until they can be
appropriately transferred.
We also recommend that the intended recipients are encouraged to register for the same category weapons licence of the weapons you plan to leave them so as to streamline the weapons transfer process after your death. - If your executor does not hold the appropriate licences, make your executors aware of their obligations around the firearms and ensure that a trusted person with the appropriate licence can be contacted by your executor to assist with advice on the control, storage and transport requirements of your firearms and related equipment.
- If you do not have a trusted person who can assist your
executor, then we recommend that you provide your executor and
family with information regarding their obligations surrounding the
firearms and contact details for the nearest police station.
We suggest that this includes making them aware of the permanent national firearm amnesty, where they can hand in both registered and unregistered firearms to the local police station or a licensed gun dealer without reprimand. Just knowing there is an appropriate way for them to deal with the firearms can reduce the stress for your loved ones.
By establishing plans and processes for your firearms with your family and in your estate plans, you can assist with safeguarding the community and reducing the stress on grieving loved ones.
If you have any questions or want to discuss any aspect of your estate planning, please contact our experienced Wills Estate Planning + Structuring Team.
For further information on this article, contact us.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
