I recently had the pleasure of joining the Mineral Rights Podcast, hosted by Matt Sands, to discuss how important proper estate planning is for mineral owners. If you are a mineral owner, this episode can help answer many of your questions about how to plan for and manage your mineral rights. You can listen to the episode by clicking on the link: MRP 67: Estate Planning and Mineral Rights

Some of the key concepts we discussed in the episode include:

• Knowing what you own – one of the most difficult questions for mineral owners is often “What do you own?” Mineral owners need to understand what minerals they own, how they came to own those minerals (inheritance, purchase, gift, etc.), and what the status of those minerals is (leased, producing, non-producing, etc.).
• Estate planning is critical for mineral owners – mineral rights are considered real property and must be transferred through a deed. Failing to plan properly for mineral rights can mean tens of thousands of dollars in legal expenses and probate proceedings in multiple states.
• Trusts and Limited Liability Companies (LLCs) are a mineral owner’s friend – these entities allow the mineral owner to manage the mineral rights as needed during their lifetime, and then ensure that the proceeds from the minerals are used in accordance with their wishes after they are gone. These entities also avoid the need for probate proceedings and can save mineral owners thousands.

Kinney Law Office has specialized experience working with mineral owners to protect their minerals and ensure they are properly managed in their estate plan. Call us today to learn more about how we can help you manage your minerals and build a legacy that will support your loved ones long into the future.