I own minerals in 3 states (Texas, Arkansas, Mississippi). I would like to know what my options are for holding title to them that would allow them to pass to my spouse upon my death without going thru probate. Thank you for your response.
Debra: There are several options but you should consult with an attorney versed in each states laws as it is quite possible that each of these 3 states have different laws pertaining to your questions. You can search in the directories tab for legal help.
Dear Debra: You will first want to have an attorney look at your current deed. In some cases, the deed will have the right magic language to allow title to pass to your spouse without probate. If it does not have the right language, you may be able to have a deed prepared and filed from yourself and your husband to yourself and your husband which contains the correct language. Finally, in Texas, people often use a “payable on death” deed which transfers title automatically upon the grantor’s death without probate. You will need to consult with an attorney to see if this is an appropriate option for you.
Begin with an experienced estate planning attorney in your home state even if he/she is not well versed in oi and gas issues. I suspect that a trust will be recommended with would require deeds from you into the trust and thus avoid probate. Your home state attorney would have attorneys licensed in the states where minerals are owned prepare the necessary deeds. Make sure that the minerals are actually deeded to the trust as in most situations they are considered an interest in land.
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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