Does anyone have any idea if it is legal for an estate executor to transfer/sell mineral rights to their own family. The estate was probated but the mineral rights were not and I believe there were much more that were sold or transferred into the executors family. Any ideas on this would be greatly appreciated.
An executor has a fiduiciary duty to the beneficiaries of the estate and they cannot do anything other than what the will allows him/her to do. Did the deceased's will bequeath anything to the executor and his family or give him/her the right to sell the minerals and divide the proceeds among the beneficiaries? If not, have you found any evidence in the deed records of the county where the minerals are located to prove that the executor deeded the minerals to anyone other than who they were supposed to go to?
The will did not even mention the mineral rights. The oil company contacted my husbands grandmother for a lease. She has mineral rights to over 5000 acres in ND. They were left behind by husbands grandmothers aunt. The aunt and her husband had no children. The husband passed first and they were never transferred into his wife’s name. When the aunt passed away everything went to probate but the mineral rights. Which I think is odd. The executors son is a lawyer and I check on the Eser website and the executors son who is a lawyer has many more mineral rights all in the same area as the ones now in probate. I think they transfered some to themselves and just left the rest in limbo. I’m just wondering if it’s worth checking, unless it’s legal to transfer them without probating them… Like I said they weren’t mentioned in the will so now they are being divided by state law but there could have been about 10000 more acres of rights. How do you find out if they came from this estate?
6th Generation Texan said:
An executor has a fiduiciary duty to the beneficiaries of the estate and they cannot do anything other than what the will allows him/her to do. Did the deceased’s will bequeath anything to the executor and his family or give him/her the right to sell the minerals and divide the proceeds among the beneficiaries? If not, have you found any evidence in the deed records of the county where the minerals are located to prove that the executor deeded the minerals to anyone other than who they were supposed to go to?
I would hire a landman to run the mineral title.
An Executor/Administrator of an estate is a fiduciary as mentioned earlier and therefore can not engage in "self dealing" or conflicts of interest with respect to the estate. This is a breach of fiduciary responsibility. The Executor can not profit by engaging in anything which compromises the estate is another way to think about it.
Thanks for your help… The mineral rights I was questioning are in the executors son’s name who just happens to be a lawyer. I think that’s how they were able to do this… It would cost a fortune to aquire all the mineral rights in question in this day and age. They were purchased many years ago… They are all very close to the ones that are in my husbands family. I think we will be checking into it… Thanks again for the advise!
Farrah G. Shepherd said:
I would hire a landman to run the mineral title.
An Executor/Administrator of an estate is a fiduciary as mentioned earlier and therefore can not engage in “self dealing” or conflicts of interest with respect to the estate. This is a breach of fiduciary responsibility. The Executor can not profit by engaging in anything which compromises the estate is another way to think about it.
For a start ask the landman who is interested in leasing the minerals from your husbands or your family to give you a map of where the minerals are located and some of the others you mention. Maybe you can get him to give you information in writing as to what you may own. Also what you may have been "beat out of". All landmen and attorney's are not honest so you better watch out and don't sign something with out some knowledge of it.
This is worth a real good hard look. I would not hire a landman until you get the one wanting to lease them to give you some information. Good Luck, you may have "hit the lotto". Merry Christmas and you are going to have a good New Year it looks like!
Michelle said:
The will did not even mention the mineral rights. The oil company contacted my husbands grandmother for a lease. She has mineral rights to over 5000 acres in ND. They were left behind by husbands grandmothers aunt. The aunt and her husband had no children. The husband passed first and they were never transferred into his wife's name. When the aunt passed away everything went to probate but the mineral rights. Which I think is odd. The executors son is a lawyer and I check on the Eser website and the executors son who is a lawyer has many more mineral rights all in the same area as the ones now in probate. I think they transfered some to themselves and just left the rest in limbo. I'm just wondering if it's worth checking,, unless it's legal to transfer them without probating them.. Like I said they weren't mentioned in the will so now they are being divided by state law but there could have been about 10000 more acres of rights. How do you find out if they came from this estate?
6th Generation Texan said:An executor has a fiduiciary duty to the beneficiaries of the estate and they cannot do anything other than what the will allows him/her to do. Did the deceased's will bequeath anything to the executor and his family or give him/her the right to sell the minerals and divide the proceeds among the beneficiaries? If not, have you found any evidence in the deed records of the county where the minerals are located to prove that the executor deeded the minerals to anyone other than who they were supposed to go to?