My father passed in October, and has 1/2 mineral rights on land inin Pittsburg County, OK that are in a trust. I’m am not familiar with mineral rights and need to know 1). What does 1/2 mineral rights mean? 2) Who owns the other half? 3). How do I unload what we have?
- One-half means that someone else owns the other half. Think of it like stock in a company. If someone owns stock, they don’t own a machine or some tangible piece of the company. they own their shares as a numerator over the total number of shares of stock as the denominator. So, if you own 1/2 of the NW/4, you don’t own the west half or east half, or north half, etc, you own one half of the entire tract.
- As to who owns the other one-half, no way to know that without examining title. But, it doesn’t really matter. If someone wants to lease you, they may lease you without the other one-half. The ownership of the other half doesn’t impact you.
- As to how you sell it, that is a little more complicated. Are you the Trustee of the trust, or are the beneficiary of the Trust. If you are the beneficiary, you have no control over what happens to this. If you are the Trustee, the sale depends on the terms of the Trust. You need legal advice on this part of the question.
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Okay, Thanks. I am the Trustee and need to liquidate all that is in the trust. Guess I’ll speak to a lawyer. Thanks for your help!
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Sorry for your loss.
It is good to see that your father had a trust. He saved you several thousand dollars in expenses. Rather than liquidate the minerals (which I take to mean a sale) most will have the Trustee issue mineral deeds to the beneficiaries. Then the beneficiaries can hold or sell as they wish.
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Thank you! We really do want to sell these rights.
Understood. However, my siblings and I live in Nebraska and the whole mineral rights thing is completely foreign to us. Each of us has said we’d just like to sell to stop any confusion.
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