Transferring of assets from trust to my name

Ownership and Title
1

Hi everyone! I'm new here and was hoping I can get some advice on transferring some gas, oil and mineral interests from a trust that is dissolving to myself personally. I am to receive about 20% of these assets.

So my questions are:

1. How difficult and expensive is it to transfer these assets?

2. What is entailed in the process of transfer?

3. Any recommendations/tips/resources for getting this done?

thank you in advance for any assistance/advice you could share!

Debbie

2

Debbie:

You might want to google "Quit Claim Deeds" in the space at the top of this forum. You can read previous posts regarding this type of transfer. Not for sure that this type transfer would apply since in your case, this would be originating in a trust. The process involved in a Quit Claim Deed is somewhat simple but you might want to secure some legal assistance if questions arise.

3

I would check how the ownership is recorded in the county. If it is in the name of the Trust I would suggest a mineral deed from the trust to you executed by the Trustee of the Trust. However if it was never recorded as transferred to the trust but is in the name of the granter of the trust you need to get it recorded to the trust then to you or a deed from the recorded owner to you.

4

Debbie,

My experience in this situation has been good using the followed procedure:

  1. Get a rough idea of the economic potential of the minerals you perceive will be awarded to you. If the mineral share is economically valuable,
  2. Find out if the other beneficiaries want to have their shares distributed to them personally and will share in the legal cost.
  3. Take the Trust Document to a lawyer (an estate or mineral lawyer is best or maybe the lawyer who set up the trust in the first place).
  4. Ask the lawyer to draft an assignment out of the trust that conforms to the provisions of the trust. Don't guess. The lawyer can find out if the trust was filed in Wyoming and Missouri or where ever the minerals are located.
  5. The lawyer can put the assignment in the proper form acceptable to Missouri and to Wyoming.
  6. Have the acting Trustee execute the assignments before a notary and file in the appropriate counties. You will then be the owner of record.

If you need recommendations for a lawyer, send me a personal message and I will give you some names. I have an association with an Oregon based law firm and have a few contacts in the KF area.

5

Hi Debbie,

I found myself in your position a few years ago. I happened to have a copy of my grandmothers will where she had carefully named all of her children in detail in regards to ongoing mineral and oil rights. Her will was drawn up in the same state as her land and mineral rights. First of all, I contacted a lawyer who was familiar with oil and mineral rights and operated in the SAME state/county as said rights. IN my case the rights would be devided among a total of seven people. I only had to worry about my share so I produced death certificates of my parents, bother and sister. My mother was mentioned on the property details at the courthouse so I had to prove my heirship. Now my mother's share belongs to me. The first thing I would do is get yourself a lawyer versed in oil and mineral rights in the state and area where your interests are. In my case I think all my costs were $1,000-1500 total. As you know attorney fees can be all over the place so inquire before you take action. I hope for the best for you.

6

Hi Debbie -

The document establishing the Trust should have provisions set out regarding the distribution of it's assets upon it's termination.

If the original Trustee is no longer living or able or willing to serve, you and the other Remaindermen / Distributees will have to appoint a Substitute Trustee.

Either way, the Trustee or Substitute Trustee will prepare or have an Attorney prepare a Distribution Deed. Once that is filed of record in the County Records (Real Property or Official Public Records) of the County(ies) where the properties are located, then each of yours' interest is yours.

If any of the properties are presently producing (oil and/or gas) you will need to notify the Company(ies) Operating the property(ies) or the company(ies) purchasing the oil and / or gas of the changes in ownership. The Trustee or Substitute Trustee should be able to tell you what company(ies) they are receiving checks from.

The company(ies) will send you and the other heirs new Royalty Division Orders or Notice of Transfers. When you return those, the royalty checks will begin to come to you.

Hope this helps -

Charles Emery Tooke III

Certified Professional Landman

Fort Worth, Texas

PS: You sure shine up good.

7

Thank you everyone for all your inciteful and very detailed information. There appears to be a lot I need to learn about these new assets I have been given. The first step obviously is to get them retitled from the trust and into my name. You guys have given me a good start on doing this.

My next question is how do you guys suggest I get the knowledge needed in managing these assets after I've transfered them? I think this forum may have some really good resources but would like to see if any of you could point me in the right direction.

Also, I believe the assets are located in several states and counties with each state. Does someone know of a good oil/mineral attorney that I could use? Would I have to get an different attorney for each state?

And thank you Mr Tooke for the compliment ;o)

8

I know a proven expert who can find missing oil and gas minerals at a very low and affordable fee.

Bob Malone

Malone Petroleum Consulting

9



Robert P. Malone said:

I know a proven expert who can find missing oil and gas minerals at a very low and affordable fee.

Bob Malone

Malone Petroleum Consulting

10

The pleasure was mine, Debbie.

11

Debbie, to answer your questions. You don't necessarily need a different atty in every state, but it would be best if you find one that is knowledgeable in several states. But, even at that, you may still end up with more than one atty.

As to knowledge, NARO has a convention where speakers speak on general matters. Further, the Oklahoma corporation commission has a seminar scheduled in san antonio. And, just reviewing this site and paying attention to matters and asking questions will go a long way.

12

Hi Tim,

thanks so much for the information. I'll look u NARO -not familiar with them. Do you know any multi state attnys?


tim dowd said:

Debbie, to answer your questions. You don't necessarily need a different atty in every state, but it would be best if you find one that is knowledgeable in several states. But, even at that, you may still end up with more than one atty.

As to knowledge, NARO has a convention where speakers speak on general matters. Further, the Oklahoma corporation commission has a seminar scheduled in san antonio. And, just reviewing this site and paying attention to matters and asking questions will go a long way.

13

Hi, Debbie -

NARO is the National Association of Royalty Owners. Very good group. But their website is not naro.org. Some other group has that, so you should google the name spelled out to find it.

Here it is: http://www.naro-us.org/

Many law firms have Attorneys that are licensed in different Atates.

What States are your interests in?

Charles

14


Thank you, Mr Tooke. I'll put on my school girl glasses and go right on to that site. As far as which states my royalties are in, I haven't received them yet so don't know. They are to be split up. I'll let you know.

thanks again,

Debbie


Charles Emery Tooke III said:

Hi, Debbie -

NARO is the National Association of Royalty Owners. Very good group. But their website is not naro.org. Some other group has that, so you should google the name spelled out to find it.

Here it is: http://www.naro-us.org/

Many law firms have Attorneys that are licensed in different Atates.

What States are your interests in?

Charles

15

Look forward to hearing from you.

Oh, and please call me Charles. My Daddy was Mr. Tooke.