Hello. My wife owns numerous mineral rights in several OK counties, all in her name. We have a Family Trust and she wants to put them into it so everything passes along easily after she passes away. How is that accomplished? Thanks.
With a mineral deed with your wife as the Grantor and the trust as Grantee. Be sure you show the trust exactly as written.
Thank you. I appreciate your time.
It is a fairly simple process as Todd says. You will need a deed from your wife to the trustees of the trust. It can be prepared by yourself or an attorney licensed in Oklahoma. It is also highly advisable to file a a Memorandum of Trust (in some states called a certification or affidavit of trust) with the county. This typically lists the current and successor trustees.
After that, contact the companies and provide the updated payee. They may ask for a new W-9 and direct deposit information. (In most cases your trust should use your current SSN instead of a EIN). They may also request a division order. In Oklahoma your right to royalties is not dependent upon returning a division order.
You need to be sure that your trust document provides the proper legal authority to sign leases which may extend past the life of the trust and carry over to ownership by the beneficiaries after distribution of the assets. Requirements and wording vary by state. Have an oil and gas attorney review the document.
Thank you for the feedback Richard.
Tennis Daze, I never thought about signing leases info. Thank you.