Minnesota Unitization Agreement

State:
Multi-State
Control #:
US-OG-776
Format:
Word; 
Rich Text
Instant download

Description

This form is used to promote conservation, increase the ultimate recovery of Unitized Substances of the specified lands and to protect the rights of the owners, it is deemed necessary and desirable to enter this Agreement, in conformity with (Applicable State Statute), to unitize the oil and gas rights in the Unitized Formation in order to conduct Unit operations for the conservation and utilization of Unitized Substances as provided in this Agreement.

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FAQ

Ancillary probate is a secondary probate process that may be required when a deceased individual owned property in a state other than the one in which they primarily lived. Examples of property that often go through ancillary probate include real estate, land, vehicles, boats, oil, gas, mineral rights, and livestock.

Minnesota small estate affidavit is a legal form used in estates valued and under $75,000. Minnesota statute 524.3-1201 tells us that this dollar amount is the threshold level by which an estate in Minnesota does or does not need to be probated.

Minnesota Probate Laws Estate planning tools like revocable living trusts, payable-on-death designations, and joint ownership can help you avoid the probate process, which can be time-consuming and costly.

Ancillary probate should be used when someone passes away and they were the owner of property in another state outside of their primary residence.

To start a probate case, a petition or application must be filed with the court and a personal representative must be appointed by a court order. The personal representative is responsible for the following: Collection, inventory, and appraisal of assets of the person who has died. Protection of the estate's assets.

Ancillary Probate in Minnesota ? Non-Minnesota Decedents Either a Minnesota ancillary probate administration, or a Minnesota Decree of Descent proceeding, may be required in the event that a non-Minnesota resident dies owning an interest in Minnesota real or personal property which was: not titled in joint tenancy, and.

As a beneficiary, you have the right to: Receive the distributions outlined in the trust document. Be informed about the timing and method of distributions. Challenge any improper distributions or denials of distributions.

Some kinds of property and assets do not need to be probated. These include property owned as joint tenants, jointly held bank accounts, payable-on-death accounts, life insurance proceeds to a specific beneficiary, and pension benefits with a designated beneficiary in the event you die.

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Minnesota Unitization Agreement