WHERE CAN I GET A OK ,TRANSFER ON DEATH Form. DOES IT HAVE TO BE ON REC IN THE CO WHERE THE MINERALS ARE LOCATED. THANKS FOR ANY HELP.
An Oklahoma Transfer on Deed deed can cover minerals. It must be filed in the county where the minerals are located. It should be used with caution and in only certain circumstances. For instance if there are more than one beneficiaries named the law states,
“B. If one or more of the grantee beneficiaries dies prior to the death of the grantor owner, the transfer to those beneficiaries who predecease the grantor owner shall lapse.”
Also, if a beneficiary is on a needs based program (Medicaid, SSI, etc.), then inheriting minerals may disqualify them.
Finally, if the beneficiary fails to claim within 9 months of death, then the property becomes subject again to probate.
the format is found here: https://www.oscn.net/applications/oscn/DeliverDocument.asp?CiteID=452364
Like any forms, you should visit with an estate planning attorney to find what is appropriate for yourself.
There are many other considerations that may be reviewed before deciding on any particular course of action.
(The proceeding is not legal advice nor is it a comprehensive discussion of TODD pros and cons, just things to visit with your estate planning attorney)
DIY estate planning is playing Russian Roulette with your family’s future, and a beneficiary deed is often the wrong option.
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Lets assume that the questioner is wanting to do a transfer on death deed to avoid the cost of a probate. If that is correct, the questioner may not save any money if he doesn’t do it correctly.
A little money spent now on legal advice may save your heirs a lot of headache.
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With diy estate planning, if a mistake is made it may be impossible to fix.
What is the legal process for separating mineral rights from the real property? Is it done simply by stating that no mineral rights go with the sale in the sales contract that is recorded in the county clerk’s office?
In Oklahoma minerals ARE real property so I assume you mean surface. When in doubt hit a lawyer. If you are a diy person, make sure the beef states SURFACE ONLY. Be very careful as you can make a mistake that you can’t undo.
Meant to say hire a lawyer. Sorry Richard.
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