Thanks Martha for that answer. An appraisal was done by the same attorney who is the estate attorney, too, and the same estate attorney has offered to broker the sale. I don’t know if they are certified petroleum engineers or not; I just know the estate paid for the appraisal. I will have to ask.
We are still in probate with Mother’s estate. I thought that determining the “value” of the minerals was another document that needed to be done to satisfy the IRS. So if I am understanding this properly, the appraisal does actually identify the “value” for IRS purposes. Right? I will have to ask if the estate attorney has supporting evidence and documentation in this appraisal.
With regard to the question on the deeds, if we move forward with splitting up the minerals nine ways and re-deeding them, that is what was answered, and I thought that odd too. I will have to get clarification on that. Thanks so much for your response. You’re so very helpful and it is much appreciated.