My family has been receiving oil and gas payments for lots of years now but the checks are getting smaller and smaller. My sister and I were contemplating selling our rights before we die just to simplify our estates. Our Sections are 1 and 2 T13N R19W. Do any of you experts out there have any advise? Thanking you in advance for your input.
You can look on www.okcountyrecords.com and see if there are any sales in your county.
You might want to speak with an estate attorney. Sometimes passing on the rights is fairly easy and affords any heirs a step up in value. If they sell, they may have smaller capital gains tax. If you sell, you may have a higher capital gains tax since it was worth much less when you received it. Also, you have to prove a value or the IRS will list it at $0.00 and you will taxed on the whole sale.
If you have a trust, the minerals can be transferred into it, but your CA attorney cannot prepare the deed unless licensed here in Oklahoma.
If you are not doing a Trust, a Transfer on Death Deed may be a better solution.
In Oklahoma mineral ownership is fairly simple.