What is the easiest way to transfer mineral interest to an only child in the state of Texas, New Mexico and Arkansas? All other assets are transferred by beneficiary and payable on death clauses.
We are not opposed to making our only child a joint owner or straightforward transfer at our death
Thank you
If you are talking about a transfer upon death. Many states have a transfer on death statute but I believe it is disfavored in Texas. A trust might be a great solution. Visit with an attorney in your home state. Make sure he/she knows that the minerals need to be deeded into the trust.
Notice: Informational only. No attorney-client relationship is formed by this post. I am an Oklahoma-licensed attorney, but this is not legal advice. Do not share confidential facts in this public space.
Hello, I recently gifted my 2 children all the minerals I had in a 25 acre tract 50-50. We just did it via a deed to each not specifying the actual minerals owned but stating an intent to convey 1/2 of all I owned in the specific tract equally to each. If your intent is to get them paid royalties monthly from production then your attorney can file the deed in the county the parcel is in and the division order review will find it and request the documents they needed to establish them in the wells pay deck. Hope this helps, I am not an attorney but that is my understanding of what mine did for us and them.
If there is already production, the recorded transfer paperwork needs to be sent to the oil company/operator. They do not go back and check the records after the initial division order has been sent. Check the company’s website as some of them have forms that need to accompany the request for change of ownership.
If your children are minors, there may be other considerations to take into account.
Thanks, I should have mentioned I did the deeds to my kids as soon as I learned about the wells and well before the examiners did their final Division Orders. If the well(s) are in production already there may be other steps to be taken.
Hello Richard. Is there a way to transfer minerals in Texas with a transfer on death deed? Having an only child, I prefer not to form a trust.
Thank you for your time
I am not licensed in Texas. It is my understanding that there is a Transfer on Death Deed available in Texas but that it has not been widely used. Check with a Texas attorney.
Notice: Informational only. No attorney-client relationship is formed by this post. I am an Oklahoma-licensed attorney, but this is not legal advice. Do not share confidential facts in this public space.