Hi, I’m looking for help gaining a general understanding of how title of mineral rights are split upon inheritance as well as how a surviving spouse’s life stake is handled transactionally.
Question 1) If the mineral rights that my father inherited are to be split between three siblings upon his death (he has passed), are these equal undivided shares, deeded? How are the represented in documents and how does an oil company pay royalties to each party separately for current and future wells? Same question for how this applies to minerals that are currently under a lease?
Question 2) If a surviving spouse is to receive a 1/3 life interest in the royalties from the mineral rights that are to be awarded as equal undivided shares amongst three surviving children, how is this paid to the surviving spouse? Is each sibling required to pay out a check to the surviving spouse, is it held in some type of escrow account?