How do I get my children’s name on my oil leases?
You will need to have a Deed drafted to convey the interest to your children and have the Deed filed in the County where your mineral interest is located.
Depending upon the value of those leases, you may want to consult an accountant or attorney as to the wisdom of deeding them before you die or passing through a will. The tax consequences may guide your decision.
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You need to visit with an attorney and CPA. Deeding away rights can cause serious issues down the road. These may include delaying your ability to qualify for nursing home assistance of VA benefits. You will lose your rights to the minerals. If your children sell they will likely have capital gains issues that could have been avoided. I’ve got about 1/2 dozen more reasons.
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