How does one go about adding mineral rights into a Will? What is considered to be inheritable? Is this an appropriate question for this forum? I do not own much, minimal, but should I die, I would want even the smallest amounts to go to my beneficiary. Or am I wrong to do that, would it cause more trouble to the beneficiary than the mineral rights are worth? I own 0.008 net acres in Tyler County, WV.
Hi, WV considers minerals to be “real property” which is the same as if you owned a house or regular farm land. It is absolutely inheritable and should be mentioned directly in your will and appraisement records of your estate. If you don’t mention it or don’t have a will there are intestate laws of succession which decide how it gets inherited.
As far as is it worth it for your heirs? Thats personal preference. Do you think they want to inherit a property that will produce $20 per month for an unknown amount of time before puttering out and paying taxes on it forever? Is there a chance for larger amounts of money? Separate this from the emotional attachment of it being an inheritance and decide if its worth it from a financial standpoint. It may be worth selling and using the money towards other expenses or other assets with different returns.
We can’t say definitely what is best for you, but at 0.008 mineral acres, that certainly isn’t a gold mine that will make them rich. Maybe ask them what they want to do with it?
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Do you own other assets in WV? If you do, then it should be included in your will. But, unless you want them to go to a separate individual, then it would go according to whoever is devised all your assets. In other words, all my property of any type is to go to Tim, would include your mineral interests.
Now, if this is your only asset in WV, you might want to consider a Transfer on Death Deed. Relatively cheap to have done and it avoids the probate process in WV.
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No, I do not own any other assets in WV. The transfer of Deed sounds interesting. If it makes a difference, it’s a non-profit who will inherit my estate. Does that affect the idea? And how would I go about doing a Transfer of Deed? What is that exactly?
I own a small amount of minerals on a certain plot and my ownership is no more than yours and maybe less and it’s paid way better than I would have imagined. So don’t think that a small amount of ownership will necessarily get you a small amount of royalties.
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Thank you for your reply. That is good news. Fingers crossed!
The best thing to do is to consult an attorney to prepare it. It shouldn’t cost very much. Sometimes, you can secure a form online. But then you wouldn’t know if it wasn’t done correctly. The Transfer on Death Deed (TODD) can be used such that upon your death, it goes to the non-profit. To answer Jbroon’s response, you would still continue to receive the revenue during your lifetime. Furthe, you can change your mind and revoke it any time prior to your death.