My adult daughter, who lives in Berlin, Germany, is spending a few weeks in the US. I am orienting her on my O&G interests in case something happens to me. (I’m single and she’s my only heir). Can someone help me to give her the most important info and share your experiences getting your children involved/or learning from your parents?
What are some issues that you faced in O&G when your parent suddenly became incapacitated and you had to take over? I’m not sick or anything that I know of, but I then you never know what tomorrow will bring…Thank you to those working hard to stop royalty scams that prey on our parents and possibly our children as well.
1 Like
You are so wise to do that. I had to take over when my mother died after a very brief illness. I had thirty years in the business as a geologist and had to learn the mineral owner side very quickly.
First, tell her to breathe and be thankful.
Hopefully, you will help her out by having all of your minerals in your will or trust. Keep you files in good order.
My mom had left me a nice list of “this is how I do things”. Knowing that she had thought of me and wanted to help me do it logically was a sweet memory.
Some good books that you can give her now are “Look before you lease” by Bill Stafford and “Money in the Ground”.
Show her the mineral rights forum and the Mineral Help Tab at the top. Whatever you state is, introduce her to the websites that are helpful.
It is quite possible that she will get a whole bunch of offers to buy if folks find out. Hold off. The executor of the estate needs to get your minerals evaluated immediately for estate purposes and to set the “step up” value of the minerals first. The estate pays for the evaluation. Depending upon where you have minerals, she may want to hang onto them (many of us do). Or if she eventually sells, she will have an IRS approved basis of cost.
If you have a good accountant and attorney, introduce her to them. One of the best gifts my mom left me was her “team”.
You might want to investigate NARO, the National Association of Royalty Owners. (Transparency here-I am on the OK board). My parents were members for thirty years. I started going after Mom died. I learned so much from them! Took their classes, found other classes from other places and tried to get up the knowledge curve quickly.
She can do it.
2 Likes
Thank you, Martha.
All great tips.
NARO President Jack Fleet will be giving a talk on “Tips for Keeping Family Minerals Intact” at a NARO Town Hall in Big Spring on April 16 4-6pm for a nominal fee. There are 3 other pressing topics as wll. Our Town Hall in Dallas sold out, so I’d better get my RSVP in quickly!
https://www.naro-us.org/event-3287697?CalendarViewType=1&SelectedDate=4/6/2019
Jack’s talks are always helpful.