My father is nearing the end of his life and my brother and I want to simplify his mineral holdings, which include several fractional parcels in Kingfisher Co OK. From what I can retrieve online the deed is held as “John Doe and Sylvia Doe a married couple.” My mom passed away more than 10 years ago, without attorneys or probate involved. My dad has received royalties from 3 parcels, though only one is paying now, around $300/month. We would like to simplify his estate now, either by filing a transfer on death deed or transferring the parcels to us now while he still can. Please advise on whether we can do this, given that the deed is held jointly with my deceased mother, and whether TOD or outright transfer is preferable. Thank you.
A TOD would work but he would need to sign before 2 disinterested witnesses and a notary public. Transferring currently, while simpler, would not allow you a stepped up basis in the event that you sell the property in the future, Also if your father is receiving Medicaid or VA Benefits, the transfers might effect eligibility.
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