I have a section of land with mineral rights in Oklahoma that I inherited from father that has passed away. I live in Colorado. My estate is setup to be transferred equally to the children once my wife passes with someone outside the family as the trustee
What needs to be done legally with my trust and will so that when I die the mineral rights will not go into probate.
Other than death certificate what legally needs to happen so the wife will get any royalties or proceeds from the mineral rights once I have passed or the children if she has pasted?
My wife is not on the lease currently for the mineral rights. What would happen if I die before her, the lease, and mineral rights?
Thanks for helping if someone could answer these questions. Colorado Mountain Man
Tony
I would recommend filing a Transfer on Death Deed (TOD), or a Mineral Deed with a Life Estate Reservation. This could keep your estate from being probated in Oklahoma. When you pass away, your family will only need to file an affidavit with a death certificate that would either complete the TOD, or terminate your life estate.
It seems these rights are yours as sole and separate property, so if you want your wife's name on the title you would need to quit-claim the minerals into you and your wife as joint tenants with full rights of survivorship.
Thanks for the information this is what I was looking for. Thanks Again.
One other item would you have the addresses in Oklahoma to file for the Mineral Deed with a Life Estate Reservation. or would these be added to the Mineral lease? Thanks
You would send it to the county clerk in the county where the minerals are located.
I Thought that might be where you send the information. Thanks again for the help and information. TKH