My mother owns Mineral Rights in Texas. What is the best method for her to designate beneficiaries, a Will or Trust? She currently has a Will, but it is very general and does not specifically call out any mineral ownership.
You might consider a payable on death deed, which is effective without probate.
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Thank you. My Mom lives in NM, but her minerals are in Young, Montague and Wise counties in Texas. I assume it would be best to hire a lawyer in Texas to help us do this. If so, what type of lawyer typically has expertise in minerals? I have no clue where to begin.
An oil and gas lawyer.
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Look at the Top of this site in the menu in directories and find an attorney. I used Eric Camp out of Ft Worth and was very pleased. MK
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Thank you for your guidance!
Get a Texas attorney opinion. If mom already has a trust then the answer is probably simple. I have heard that transfer on death deeds are not widely accepted in Texas. But, I’m not licensed there.
Estate planning is a very efficient way to avoid probate. You are usually looking at a cost of about 1/3 of a probate in many cases.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Thanks for tip. Will be sure to secure a Texas attorney.
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