I have a question which I really don’t understand. We are two siblings.
Oil company leased parent land with life interest several years ago, then parent signs the lease to one of the siblings the life interest before parent passed away. So automatically the one she signed the lease to is the only one who will get the life interest?
Till this day I don’t know if the sibling is getting anything. But out of the blue I found out about that life interest on the lease that my parent signed.
So if that’s the case, it only belongs to the other sibling?
Texas Lady.
Are the parents still living, I would assume from your post they are not.
No, my parents are not alive.
I’m not sure if I understand the entire situation. But, if your parents owned a life estate and then they passed away, the life estate terminates. Whoever owns the remainder interest when the life estate was created owns the interest.
So, 1) who owns the remainder interest?
- If the life tenant owned the interest and then assigned the rights to the royalty to your sibling, in all likelihood, the company just plugged in your sibling’s name. They probably don’t realize that it was a life estate. Further, unless somebody tells them that the life tenant is deceased, they won’t change the payee. But, the “right” that your parents owned doesn’t get extended beyond their life by conveying it to another party.