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Royalty Transfer

Term Life Insurance & Whole Life Insurance Discussion

Royalty Transfer

Postby Theodorus » Thu Feb 19, 2015 8:11 am

My family has producing mineral rights in three gas wells in Texas that were inherited from my deceased father, my mother has a third of his inheritance and us six kids have the other 2/3rds. My mother would like to sign away her royalty interest to us kids, but continue to receive the monthly payments as long as she is living. What is the best way to go about this? Should we do a Mineral Deed and not file it until her death? Mother is 79 and kids are 52-61 years old. Thanks
Theodorus
 
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Royalty Transfer

Postby Orlan » Sun Feb 22, 2015 5:36 pm

You can ask her to execute a mineral deed which will be effective at the end of her life.  She could also convey to you all the minerals now while reserving all income from the property for the duration of her life(a life estate).  The interest will automatically convey when she passes away.  Either way, go ahead and file it of record and send a copy to the operator of the wells assuring them that you will follow up with additional information as required.

Thanks,

Cliff Williams
Orlan
 
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