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Transfer by deed: You can sell your mineral rights to another person or company by deed. Transfer by will: You can specify who you want to inherit your mineral rights in your will. Transfer by lease: You can lease mineral rights to a third party through a lease agreement.
After a death, assets like mineral rights often go through probate, which is a legal process to authenticate a will and distribute assets ing to it. If no will exists, probate helps determine how assets should be divided.
Mineral rights may also be subject to transfers by way of a will. In the event of death, the right to the minerals passes to the person(s) named as beneficiaries. In the absence of specific heirs, the mineral rights pass to the beneficiary of the residual surface estate and real estate.
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.
This legal document conveys the actual rights to the minerals while still remaining separate from the surface rights. A mineral deed can convey either 100 percent of the rights, or a percentage of those rights. If a percentage is granted with this legal document, then the holder of that grant owns that percentage.
To find information on mineral rights, you may also visit the county clerk's office in the county where the minerals are located. This office stores data, documents, and records of leases and deeds filed for mineral rights.
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.
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.