I am trying to help my Mother (she is 90 and living on Social Security) find a low cost way to be able to pass her royalty payments to me when she passes, but have her continue to receive the checks during her lifetime. From what I have been able to gather this could be accomplished using a deed with a reserve for life estate. She and I live in Alabama, but the oil well is located in Michigan.
Could I use something similar to what is shown below to transfer royalty payments at my Mother’s passing?
LIFE ESTATE ROYALTY DEED
KNOW ALL MEN BY THESE PRESENTS
That ____________________________hereinafter called Grantor, for and in consideration of love and affection has granted, sold conveyed and assigned unto ___________________________, hereinafter called Grantee, an undivided 100% royalty interest in, to, all oil, gas and other minerals produced, saved and made available for market from the following described lands situated in Osceola County, Michigan, to-wit:
(Legal Description here)
For and during the natural lifetime of said Grantee.
Signed by the “Grantor”, _________ on October 10, 2019.
THE STATE OF ALABAMA MADISON COUNTY
I, the undersigned, a notary public in and for said County and in said State, hereby certify that “Grantor”, whose name is signed to the foregoing conveyance, and who is known to me, acknowledged before me on this day that, being informed of the contents of the conveyance, she executed the same voluntarily on the day the same bears date.
Given under my hand and official seal on October 10, 2019.