How Your Estate Deals With Certain Property
When a person formulates their will, they generally have a good idea who they wish to leave specific property to. Commonly this specific property will be things like cars, boats, trailers, campervans, jewellery, medals and other more unique items.
Some bequeathments of property require more careful consideration however, and whilst these situations are rare, they can cause headaches for the executor of your estate and for the potential beneficiary.
A good example of a potentially troublesome bequeathment is firearms.
In Queensland, a person requires a licence in order to posses a firearm. Licences are granted for a variety of reasons, such as sports shooting, recreational shooting or primary production purposes.
When a person leaves a firearm to another in their will, problems can occur. Unlike a car for example, where you require a licence to operate, a firearm requires a licence to own.
So What Happens?
Ideally arrangements should be made for the distribution of a person’s firearms when they create their will. Ideally a beneficiary will already be in possession of a licence. In which case a firearm or weapon can be transferred and registered to the beneficiary without the need for a permit to acquire. The beneficiary will still be required to inform Weapons Licensing.
Not Just Firearms
Its not just firearms that require extra thought in a person’s will. Gifting sums of money to persons under the age of 18, or gifting pets or animals can all require sometimes complex considerations to be made to ensure that the gift is carried through in a manner consistent with your wishes.
McNamara & Associates can help plan your will to ensure your estate goes where you want it to. Call 1300 574 974 to get in contact