My daughter inherited mineral rights for a barely producing well in Stephens COunty TX. The will did not include mineral rights literally but stated "all other assets". Do the mineral rights need to be probated separately? If the executor of the will was aware of the mineral rights could they have been included in the probated will? Is it possible for taxes on the mineral rights to be greater than the royalties? If so, is there any recourse or must you continue to own and pay taxes on the mineral rights?
Are you talking about property taxes, income taxes, or estate taxes?
Im talking about county taxes on the appraised mineral rights.
It is possible they could exceed your income since it is partially valued with anticipated future income. My experience is generally a months royalty is around what I pay annually in property tax for the minerals. I would suggest contacting the county appraiser to discuss the value and provide royalty statements when you discuss it with them. Maybe they have made a mistake in the calculations for your value.
Sharon,
I don't believe that mineral rights need to be stated separately but depending on the language of where other assets were willed it could get messy. As far as probate the mineral assets would need to be probated separately if they are owned in a State where the original probate was not done.
I don't think taxes can be higher than royalties in most situations. I suppose that if taxes had not been paid in a long time or you have a working interest in the well there could be situations where it could happen.
I would like to talk to you more about this if you friend me I can give you some more information.
Kirk
Thanks to both of you for your responses. Kirk, I would like to friend you and get more info but how do I do it? Do you mean facebook?
Kirk Bloomquist said:
Sharon,
I don't believe that mineral rights need to be stated separately but depending on the language of where other assets were willed it could get messy. As far as probate the mineral assets would need to be probated separately if they are owned in a State where the original probate was not done.
I don't think taxes can be higher than royalties in most situations. I suppose that if taxes had not been paid in a long time or you have a working interest in the well there could be situations where it could happen.
I would like to talk to you more about this if you friend me I can give you some more information.
Kirk
I will send you a friend request. It is on this system.
Sharon,
Tell you daughter to keep paying the taxes. I can think of at least 6 very good reasons to treat the tax payment as an investment that will payout very big benefits in the future. For mineral rights sustainability, taxes may be the best leverage towards future income there is. I imagine you will get lots of requests to purchase as a result of your posting; confirmation of my statement. Tax statements represent an asset not a drain on cash.
Not sure where to start grandparents own property in out skirts of oaklahoma on sooner rd
where do I start to find out if she was intitial any royalties in her 80's property been in the family
who do I contact to research. family living in california appreicate any information that you can
advise.
Thank you