My mineral rights are here in Dewey County and I want to pass them on to my two daughters now (while I am still alive). can someone tell me who I have to notify to get this done?
Also where can I find if their is any current activity on my right holdings? Secs 5,7 and 8 T17n R20w
GFB- I find no activity in the last 5 years or longer on these sections. You need to prepare or have an attorney prepare a mineral deed from you to your daughters setting forth your wishes. Then file the same with the Dewey County Clerk. If you are getting production from any of these sections, after your instrument is filed, send a copy to the operator of the well(s) so the revenue can be paid accordingly.
You may want to discuss this option with your accountant. They will be able to give you insight into whether doing a deed now is better or waiting to pass through a will. There are reasons you might want to pass the rights along in your will as that may improve the daughters’ step up value. Tax consequences of either action may be important information to know before making a decision.
Mr Baker. Thank you for your prompt reply. I had thought I might get a lawyer to help me do it right. I would like to hire the same one I used before when my dad passed, if he is still practicing.
Mr Barnes. Thank you also for you prompt reply and your advice is welcome as I had not thought of those factors. Hopefully a lawyer will help me choose the best way to proceed.
If the plan is to pass the minerals upon death, the most common ways to do so and avoid probate are by using a trust or transfer on death deed.
This post is not legal, investment or tax advice, it is for discussion purposes only. Reading or responding to this post does not create an attorney-client relationship.
This topic was automatically closed after 90 days. New replies are no longer allowed.