My grandmother willed her and my grandfather’s 25% mineral rights interest to me, my aunts, and uncle, jointly. We each have been getting solicited to sell our individual interests in that 25% collective interest. 1 aunt and the uncle accepted their offer without advising the other 2 of us. As the executor of the will, it was my determination and agreement from the rest that the 50 acres surface property and mineral rights could not be broken up as set forth by that will. The geologist/buyer indicated that the abstractor didn’t note that language but the title company would do their due diligence. From a financial standpoint and based on the previous lease agreements, it would not be a lucrative decision to sell any part of our 25% mineral rights interest.
As the overseer of the estate, and the most financially competent one in our group, what rights do the other 2 of us have and can the will be misinterpreted by the title company in the benefit of the company offering to buy those 1/16 rights from the other 2?
Be very sure that you get legal help and more information about the offers. Many buyer offers are low to the actual value, especially if there is future drilling about to happen.
Since you mentioned executor, I suppose that you are talking about a Will instead of a Trust. Most Wills call for property to be distributed when the estate is closed unless there was a Testamentary Trust created by the Will. If the estate has been distributed, then each beneficiary should be free to deal separately with their own property. If this is the case, you might not be in a position to control the estate after its closing. Of course, I am speaking in general terms without the benefit of seeing any documents. Also, I am not licensed in West Virginia.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Is the Probate closed or has the LW&T and final decree distributed the property?
When you say the LW&T distributes the property (25% collectively) to you and your relatives “jointly” do you mean In Joint Tenancy, or equal undivided distribution fraction interest as Tenants in Common? I believe if it were the latter, statute governing protections against a Fee Tail and the Law of perpetuity (stipulations controlling ownership of property from the grave) would take precedence, as once it is distributed to the owner, the deceased no longer have the authority to control how the owner deals with their property…meaning your relatives would have the authority to exercise their rights to sell or gift the property as they see fit. I believe that would likely include the ability to break a joint tenancy with you(if that were the stipulation of the LW&T), in which case you would thereafter own your share as Tenants in Common with your relatives or their successor in title. As advised by previous threads, please consult with an attorney regarding those definitions and how they apply in WV to your situation. If the probate is still open, then the devisees do not yet own it to sell, as it has yet to be distributed to them.
Your post is confusing, Its rare that a will conveys property to the heirs in joint tenancy. You then say, your individual interests. If the will/final decree/conveying doc distributed it to you, your aunts and uncles in equal shares, lets say 25% each, there is nothing you can do to prevent them from selling their individual interests.