Mineral Title Question


#1

I own some minerals that are in title as joint with survivorship can I take my half out of survivorship without the other person in title approval?


#2

That is usually a description of a bank account, rather than mineral title. You should consult a oil and gas title attorney in the state where the minerals are located and have the related deed or trust or other document reviewed.


#3

Yes you can sell the minerals/transfer them to someone else, like a spouse or child. When you do that, it basically voids the joint tenancy and changes ownership to tenants in common. So in other words, currently you each own 50% , and when one dies their interest goes to the other. After you transfer title to someone else, they would each own 50% but would not receive the remaining 50% after the other dies.


#4

Depending which state your in, you may be able to quit claim it to yourself to take it out of the survivorship. You would need to look up the state laws


#5

In Oklahoma a joint tenancy can be converted into a tenancy in common as described by K11. Reasons for doing so include divorce. Sometimes parents foolishly think this is a good way for children to inherit and bypass probate. A Transfer on Death Deed is usually a much better option. YouTube Transfer On Death Deed Video

Richard Winblad

Oklahoma Attorney