I have recently agreed to be the next generation to manage the oil royalties for my family on an agreement negotiated early 20th century. I received a stack of papers with a form used in 2006 for the living heirs to designate a family member to receive and distribute the royalties. The form feels a bit informal, but I have failed to track down anything on Google.
Could anyone point me to where a standard form exists? I am trying to take over as quickly as possible as the last agent died earlier this year.
To my knowledge, no such form exists. You may want to have an attorney draw up a form that would be more current. I am the manager for my family and our assets are part of an LLC, so we have a formal legal structure to operate within. Other families have a trust, so various ways to do it.
You may want to get familiar with the Mineral Help tab above. The National Association of Royalty Owners is a very useful group. Many states have their own local groups. Get as much background as you can because being the manager does mean you need to be on top of your assets.
There is no such form in Texas. If the mineral interests are in Texas, you might form a family partnership, form a family LLC or get powers of attorney from each family member. You will need an attorney for any of these to make sure they are done correctly. These are not DIY projects.
That explains why I can’t locate one. I have a call scheduled with an attorney. I started checking out the resources here and at NARO to be prepared with good questions. The existing heirs know each other fairly well. But as the royalties move to my generation and the next, we know only our own immediate cousins.
Thank you both for the quick responses. It is very helpful and appreciated.
Elizabeth