Document storage

[Chris63]

This is off topic, but do you guys like to keep paper copies of all leases and correspondence, or are digital files good enough. I know saving the paper can take up a lot of room. Thanks

[Rudy_Ramsey]

Both. Just my 2c.

Rudy

[M_Barnes]

I keep both since I am in that “in between” generation. I also make sure that the digital is backed up in multiple places. I will eventually run out of paper storage room and will have to total switch over then.

[dbhoneyman]

May as well scan and backup on external drive. Duplicate copies.

[TennisDaze]

I recommend keeping both, at least for leases and other legal documents. Over the years some of the digital formats have changed - remember floppy disks? Or the digital copy can become corrupted and not be retrievable.

[M_Barnes]

I agree with TennisDaze. Any legal document I keep in both forms. I can downsize my paper storage by throwing away massive OCC documents because they can be retrieved again if the digital copy is corrupted.

[Richard_Winblad]

The benefit of keeping both is access. This can be a mess if something happens to you and the responsible people don’t have access to your electronic copies. I’ve had clients would could not access a deceased owner’s computer, files or have login credentials. A password manager like lastpass.

This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.

[sam_latimer]

I agree with all of the above, but would like to add that I generally do not save paper copies of leases acquired for others more than 10 years after expiration, unless any were in a producing unit at one time.

[tim_dowd]

Let’s also define correspondence. Letters that say “i want to lease anything you own” or “do you want to sell your minerals” aren’t worth saving, unless the sender puts something in there such as our records show you own xxxxxx number of acres in the sw/4 of section Z.

[James_Garner1]

I am in the all digital camp with the exception of certain originals that should be maintained such as wills or trust documents. Even with those there are specific safe keeping methods. I have been a landman for over 40 years and have more than 300 mineral properties in 8 states. If you employ proper data management standards, you are much better off than a paper system. This type of system requires some thought, but can be accomplished on a small scale system using a basic iPad. A solid digital system allows you to keep almost everything and access it quickly wherever you may be located at the time. The challenge is the learning curve, but the benefits are great.