You are here:

Oil/Gas/Oil and gas mineral rights

Advertisement


Question
I am a widow and have mineral rights all my children are grown and have their own share. My question is I want to leave my share of mineral rights to someone outside of the family can I just filled out a affidavit stating my wishes?

Answer
An affidavit will not be adequate as a last will and testament.  You will need to find a "Warranty Deed" or a "Quit Claim Deed" and fill that out, execute before a notary public and give those away before you pass away.  Otherwise, you will need to execute a will and have the Personal Representative give those interests after you pass away.

If, by chance, you have current income that you want to retain then you should retain a "life estate" in the mineral interest and any current income and convey the minerals.  The persons you want to give the minerals to will automatically get them when you pass away but you would retain the interest and income now.

If you choose the "life estate" route you will want to have an attorney draw up that document for you.

My best,

Oil/Gas

All Answers


Answers by Expert:


Ask Experts

Volunteer


Cliff Williams

Expertise

I will try to answer any question you have. Even if I reject a question, I still will give a shot at what I would do in your position. The only questions I will not take a shot at would be a highly technical engineering or geological question. I am beginning to see quite a few questions from land men and other oil companies and that doesn't matter to me either. I will attempt to help.

Experience

I am an oil and gas attorney that has been in the business for more than 20 years. I have held a series 22 and 63 securities license, been in oil and gas operations, land man, division order analyst all prior to obtaining my law degree. Today, I typically write title opinions verifying ownership of oil and gas minerals, assist landowners in negotiations on oil, gas and mineral leases, easements and conveyances. I also assist oil and gas companies with the sale of working interest ownership as well as common business law issues.

Organizations
State Bar of Texas, Member of the Tarrant County Bar and the Dallas County Bar Associations.

Publications
Multiple oil and gas topical columns on ezine.com.

Education/Credentials
I have a B.S. degree which I rely upon more than my Business Mgmt degree or Law degree...

Awards and Honors
Husband and father of 26 years

©2016 About.com. All rights reserved.