I inherited a trust that holds mineral rights in WV. The trust terminated in 2008. What happens to the mineral rights? The taxes have been paid and are current.
The trust still owns the interest until the Trustee or successor Trustee prepares and records a deed to the beneficiaries. Even though the Trust terminated, it can still act in order to clean up or finish its business.
The first step is to determine who is the successor Trustee.
Thank you, Tim, I am the trustee, and my second cousin is the other beneficiary for distribution. Our grandfathers were brothers, and we share the same great grandfather who is the original trustee per the trust doc. Because his grandfather predeceased my grandfather, our side became the trustee.
I would recommend that you distribute the minerals to yourself and your second cousin, individually.
I @NDB I have seen this a few times and I often see the trustee’s work together to just sell the mineral rights directly from the trust as that would mean the new land owner is the one doing the work to deal with the legal documentation and transfer paperwork. As was mentioned already, if you wish to retain them, you will need to work with the county/counties to show the dissolution of the trust and how it was divided so they can assess the property meaning you will begin having the taxes in your name for your portion of the parcels. If you are interested in selling, it may be better to do so as a larger plot of land, but everyone needs to be on board first.