My father inherited 1/3 of a quarter interest in 480 ac in Ellis Co. 23N-23W, some in Section 29 & some in Section 28. We just probated their estate in Utah but we would need to do an ancillary probate to get title for these. Assuming that happens, what is the “going rate” for mineral rights in the area for a 1/4 interest of 160 ac. and would a buyer ever consider covering the cost of the probate as part of the deal?
Thank you for any thoughts, ideas, or advice!
FYI, you are probably looking at about $4,000 for a probate in that area.
I probated my mothers will in three counties in Oklahoma a few years ago, and it as about half that amount.
I agree that there are locations where probate is less expensive. However, it seems that in isolated rural counties the local attorneys demand more. Attorneys elsewhere must factor in travel time. Supply and demand.
I put a general location in my original post
I’ve heard about this one option, Small Estate probate (is that the right terminology?), but I’m curious if it would affect any leases during that 10 year period. I understand that leases are usually fine with the Affidavit of Heirship (at least they are in Utah), and I guess it depends on the OG Company for the royalties? If I decided not to sell and hold onto them, maybe this would be an option - unless it keeps them from being leased or holds up any royalty payments. Since these are not producing any revenue, it would be difficult for some family members to come up with the $2000-$4000 needed to probate.
PS - it would be an ancillary probate since we have just completed a probate in Utah if that makes any difference in the cost.
Sounds like there are two options:
Ancillary probate: If there is a Will involved and a final order admitting the will and determining heirs. If not option 2.
Summary probate: Available if decedent has either a) died while residing out of state; b) has been dead more than 5 years; or c) the estate is worth $200k or less.
Either of the above are shortened timelines, limited pleadings and cost efficient. If raising funds upfront is an issue, some attorneys are willing to work in exchange for mineral acreage. Another option would be to sell some of the acreage to pay for the costs of probate.
Thank you everyone, I think I have enough information to go on for now to explain to family and make a decision.