My sisters and I inherited the mineral rights to Township 162 N, Range 93 West of the 5th P.M., section 32 back in 2017. The state of Montana wants the Fair Market Value from a landman or broker, and the Equity Value with any legal encumbrances and income agreements and contracts. How do I go about doing that? There hasn’t been any activity on the Lease since 2012 that I know of. If I don’t get this taken care of, I could lose my housing and other benefits since I am disabled and not working. I forgot to mention the rights are in Burke County, where my father’s mother’s family homesteaded in the 1800s. Any information would be greatly appreciated.
Hi Susan,
I haven’t worked directly with the state of Montana but I’ve been working with case workers in Oklahoma who have accepted my FMV opinion on cases like this (rather than a landman or broker). They’re likely asking for this because there are no producing wells on the property to use a 36-month revenue multiple (or whatever standard Montana has) to place a valuation.
It will depend on how many acres you own though, so we’ll need a little more information (or research), but we can get something to you quickly to use once we have that info. Feel free to email me. I do these things free of charge when there are aid benefits at risk.
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If you are under 65, you may want to consider a first party special needs trust. If you are in a nursing home or receiving Medicaid you should visit with an elder law attorney in Montana about your options.
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