To try and make it short and sweet, Grandma passed 10 years ago. Just finding out about mineral rights that were in her name still, she had a will where the mineral rights went to my dad and uncle.
Lawyer is telling me we will have to go through probate which will take a minimum of 6 months but said that basically as soon as the judge approved of the probate going forward we could get the Mineral rights into my dad’s and uncles/cousins name really soon (she said next day but id take a week), would we then be able to go forward in getting a lease signed? or do we have to wait the full 6 months until the judge closes the case.
Mineral rights are in Roosevelt county Montana, Estate was held in Oregon.
Currently have one Landman trying to lease the mineral rights but afraid that a 6month wait might scare him off and take whatever current money on the table, off the table. Leaving us with a lawyer bill and having to search for a new leaser.
Just trying to figure out the best possible way of dealing with this if there is a way at all.
In many states, transactions involving land requires specific language in a Will, if none or in the case of intestacy, then a special order is required from the state having jurisdiction over the minerals. Sounds like you need the assistance of a Montana estate attorney.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
Yup got one out of billings Montana who also deals with mineral rights in regards to estates as well, so hoping for a quick outcome but just trying to get a gauge of possibilities more than anything.
Short story is, it depends on the risk tolerance/aggressiveness of the company the landman is working for. If they have a short timeline and are ok with imperfect title, they may not care. If this is a long shot play for them, it may give them pause to take the lease. If there are definite drilling plans, you are ok either way. Just be honest with the landman and try to find out as much about the drilling plans as you can. Good luck!
Many people come to this forum to find advice to support their desired position/outcome. If you have an attorney in this matter, listen to their advice since they understand the issues. Any attorney would be hesitant to advise you to go forward with an agreement prior to the estate being settled. If you have to go forward for some compelling reason, then please make sure your attorney reviews all documentation prior to execution.