I own mineral rights in Garvin County, Oklahoma. I have met with lawyers in Florida about either adding With Right of Suvivorship or the name of the University foundation that will benefit but their eyes just glaze over at the mention of mineral rights and say they would have to “research”'the issue. Don’t feel like paying them $500 an hour so my question is this an easy process and where would one start? Is it as simple as filing a request with the county recorder’s office or more complicated?
Obviously not looking for legal advice but just someone to point me in the right direction.
Thank you.
I suggest that you contact the University and let their legal team assist you with the documentation. There are some options available where you can keep a present interest and receive a Charitable Deduction for the "future interest" that you are leaving them. Most major universities have a Planned Giving department that gets involved.
Thank you for responding , but have already gone through the University foundation and their lawyers are not much help since I am not transferring the rights until my death. Guess if no one comes up with another suggestion I will seek out an attorney in Oklahoma.
I'm going through this with a universities Planned Giving Department which is directed via the alumni department so perhaps you've not been pointed in the right direction. There are significant tax advantages to setting up a gift now and receiving funds for yourself prior to death. I went to Millikin University in Illinois, you might want to look at it's alumni website, or any private college/university for gifting ideas, terms and details. Or, I'm sure a call to the university president would get wheel's turning rather quickly.
there are really two different concepts here.
The first one, with right of survivorship, is a joint tenancy. Unfortunately, you can't be a joint tenant with a non-human. The reason is that when the first joint tenant dies, then it is automatically owned by the second joint tenants, and does not go through probate. However, a corporation, university, trust, etc, doesn't have a life and therefore can't die.
Now, you can do a deed with a life estate, where you keep all the benefits for your life, and then upon your death, it goes to the U foundation. Now, word of caution, once you execute that deed, you can't back out or change your mind, because it vests in the foundation upon recording (in essence).
In Oklahoma, you can also do a transfer on death deed, where it automatically goes to the foundation upon your death. the advantage of this is that you can revoke it if you wish. Now, if the foundation doesn't know about this, and doesn't know you died, if they don't act within nine (?) months after your death, it reverts back to your estate.
If you wish to go this route, its a pretty cheap deed prepared by an Oklahoma attorney.
Perfect thank you very much !!!
I have a friend (with no desire to leave an inheritance to family members) who wanted to leave her South Texas mineral rights to her university foundation. University said "thanks but no thanks." Their attorneys had decided it wasn't worth the time/trouble because according to their research, the minerals didn't have much value. She doesn't know how much effort went into their research, but since then, she has decided to leave the minerals and her whole estate (which has a tremendous monetary value) to the SPCA.
She wrote a letter to her university to "kiss off."
Thank you.
Pat
Ms. Malone,
I'd love to see a copy, written after a few glasses of wine hopefully, followed by the look and scramble for the phone of the university president.
I hope she copied the Board of Trustees, most of them have business acumen and backbones.
The SPCA will care and provide for far more productive, loving and giving animals then some scholarship would or will have produced in today's educational climate.
All The Best, John
Dear John,
I totally agree with Clint. I second the Bravo!
Thank you.
Pat