Let me tell you a 60 Year Nightmare, so no matter what you decide to do, you will not do what my parents did. It started with my Grandfather, when he died he left all his assets in trust to split 1/6 between 5 kids and 2nd wife. When the trust ran out, the kids didn't want to fool with the minerals, so they started a Agency account with US Trust, Bank America, and how ever many other banks its been since. When my mom died, she thought the world of the trust department, because when I was a kid, the trust department of the Bank was a Service of the Bank then, they took care of their trustees, heirs, etc. When my mom died in 1989, she also left everything in trust to me and my sister. But now the Trust Department had become a Giant Profit Center. She always told me, if I asked the right questions of US Trust, then they would help me. I'm here to tell you, that I'm still working on finding the right questions to ask. First of all current fees, include 6% off the top on all Royalities, 3% off all investments, but this BANK does not know how to make money, on over 1/2 million in cash, they pay about 1% return. Plus $62 per property fee. They also don't listen to there trustees, nor communicate with future heirs. In our trust we have some 5000 acres that is located in the Permian Basin, that has not been drilled on for many moons, The Trust Department does nothing to promote this land, so I have taken it upon myself for my cousins to promote it. But now that we found a company that is interested in the Lands, the Trust Department has put the slow screws to me and my family, but not getting back to the Oil Company with what they need to make a good decision. Now they will not answer me back emails that I send them. In a nut shell, it's a 3 way split, my sister gets a Third, I get a Third and the US Trust Gets a 1/3. I have told this story to another here and his reply was, seems like your being abused by US Trust Company. I agree. But nothing I can do about it, written by my Mother for what she thought was best. IF all you have are minerals, then you might look at a trust. But be sure you know what your entering, because the BIG print tells you what you get and the SMALL Print takes it away.
For the last 53 years all the minerals were in one name, and checks split 6 ways, till we got wind that one cousin whos mom had passed was hiring an attorney to go to all the counties and split his interests off that of the other cousins. I have a letter from US Trust stating they did split up the takes and put under each name in 1993, but they didn't do it then, no when they got wind from me about my cousin, in 2009, then they did it, which stopped 1/2 of royalty checks for up to 2 years, while the oil an gas companies made the changes, all the while the bank knew what was going on, but did not let on to trustees who wondered, where did 1/2 of my check go, so the trust department would not be caught making an error. Don't worry they make plenty of them, even when they do, if you asked them what that entry to special account on report, they get you some BS, really expecting you to believe them. They outface lie my friend, and then Cover their Asses. So now you know the worst Nightmare.
If I were you, I would sit down with your oldest and start explaining to him your business, I see so many that don't know their parents business, and it's important that they do. Teach them now how to pay the taxes and deposit the checks. Just give it to them, and let them decide how they want to handle it, perhaps they will want to do it, and if they don't they can hire someone to take care of it for them, Don't tie their hands, by demands you want now. And now 60 years later, the splits keep coming, Aunt died and left her minerals to two hospitals, and one grandson is out of the trust business, while leaving 6 of us still tied to US Trust.
Surely there has to be a better way! I hope you find it for your kids sake,