One problem facing many mineral owners is how to pass property to loved ones without the time, expense and frustration of going through the probate court. One solution is a simple “Oklahoma Mineral and Royalty Trust”. Your oil and gas interests are owned by the Trust that you manage. You lease, sell, buy just as before. The income belongs to you. While you are living there is not separate tax return. You choose who will receive the property once you pass. The property is conveyed to your family or other beneficiaries without the intervention of the probate court.
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What you need to get started:
-List of legal descriptions (or deeds) of your properties.
-List of who you want to be in charge after you’re gone.
-List of the people or charities you want to inherit.
-Inexpensive to Set Up
-Simple to Manage, just like you do now
-Avoids Probate Court and Judges
-No Separate Tax Return (During Your Life)
-You Stay in Control (Sell or Lease Interests)
-You choose who manages and inherits
-Stepped-up Tax Basis
-Works with Leased or Un-leased Minerals
-Beneficiaries problems (divorce, bankruptcy, judgments, creditors) won’t impact your ownership
Also available for Mineral Owners who reside outside of Oklahoma.
If I have a Trust Do I Need to Transfer Oil and Gas Mineral Interests Into It?
If you have an existing trust, one of the keys is make sure that it is funded. In the case of oil and gas this means deeding that interest to the Trust or Trustee. The deed must be filed in the county where the minerals are located. It is also advisable to file another document that identifies the trust, the trustee and provides additional information. This is a memorandum certificate or affidavit of trust.