Information on transferring oil lease


#1

Would like to know how to transfer my oil leases into my sons name and what it costs. Thank you, Sid


#2

Call the county clerk in Carter and ask. In the old days, a transfer to a relative was free.


#3

to barnes . Thanks for the info. Sid


#4

Sidney
I strongly suggest contacting an financial/estate planing attorney familiar with mineral rights. There is quite a bit to consider depending on the value of the assets and your exact family situation. I’ve seen so many different mistakes made by owners and even attorneys. A comma in the wrong place in the description can cause no property or only a portion to be conveyed. The wrong method of transfer could mean the cost basis does not reset on the death of the grantor. The transfer could make the grantor subject to a large amount of gift taxes. I could go on for pages.


#5

Thanks Rick. Sid


#6

I ditto Rick. There are some big tax consequences to transferring before death. If you transfer in a will, the value resets and that can be very beneficial to the heir. Get good legal and accounting help. It is worth every penny and your heirs will be grateful!


#7

To Barns. Thanks Sid


#8

$13 for the first page and $2 for each additional page for everyone.

If from relative to relative, no money changes hands, then document stamps are not required. If not, doc stamps are about $1.50/$1000.00