New member here. Do mineral rights automatically pass down to the next generation or must it be bequeathed in a will?
Thanks!
Each state has its own rules. Best if bequeathed by a will because it is very clear and the will is filed in the county(ies) where the minerals are located. If a person dies intestate (without a will), then the state has very specific rules about how assets pass. Mineral rights can also be part of a trust or an LLC. Not an attorney, just giving general insight.
Thanks. Everything is willed to the next generation so I think we’re good. Probably should consult an attorney just in case.
Many neglect to pass on oilfield interests as a specific bequest in their will, so the asset passes as part of the deceased’s residuary estate to the next generation, shared among x-number of heirs, and fractionalizes with each generation. If you inherited in this way, you may need to prepare and record an Affidavit of Heirship to ensure oil companies find you to pay royalties. If you’re paying ad valorum (property) taxes, perhaps your ownership is evident in the public records.
Thank you for the information.