Ok Mineral Deed With Life Estate
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FAQ
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
An attorney can create a deed or assignment that conveys the mineral rights to the new owners. The original deed will need to be recorded in the county where the minerals are located. If there are producing wells on the property, each operator will need to be notified of the change in ownership.
A life estate deed is a legal document that changes the ownership of a property while allowing you to live there until death. It might be useful for those wanting to avoid the probate process in Oklahoma, ensure the future ownership of their property, or even qualify for Medicaid.
If your relative owned minerals in his or her name alone, as opposed to owning them in a trust or business entity like an LLC, the minerals will need to be probated in Oklahoma.
Transfer By Will If no specific beneficiaries to the mineral rights are designated, ownership passes to the property and real estate heir. It is also possible and often easier to create a family holding company and assign mineral rights to this company, creating a limited liability company (LLC) or partnership.