Can I leave my mineral rights to my children in my will?
yes. Oil and gas rights are real property. you can leave them to anybody you wish just like a house or a tract of land.
Jean- as Tim said yes. However there are additional steps that can save time & money. A Will has to be probated. There are other options so you should consult with an attorney that is licensed in the state where the minerals are located. You
agree with Todd. There are alternatives depending on the state, and how many assets you have in that state.
Consult with an experienced Estate Planning accountant to get a solution that fits in the financial situation of you and your kids.
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Great question. Depending on your budget and state of residence, consider:
- A family trust, this would involve retitling the minerals into the trust. Trusts generally avoid probate while Wills do not.
- Many states offer a Transfer on Death Deed which can avoid probate. These differ by state and are sometimes a bad choice.
- You Will can made specific gifts to certain heirs in the event that you want only certain people to inherit the minerals. Otherwise, a residuary clause works meaning that it is unnecessary to actually list the minerals in your Will.
The important thing is to plan. Make sure that the responsible people know about all of your minerals, not just those currently producing.
This post is not legal, tax or investment advice. Reading or responding to this post does not create an attorney/client relationship.
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