Replies to This Discussion

Permalink Reply by JK on December 3, 2018 at 6:19am

A call has to be made to the gas company to advise them.

They usually want documents to support this.

Checks then are sent to each heir.

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Permalink Reply by william george allison on December 3, 2018 at 12:23pm

Thank you jk a very sad question to ask but I guess life goes on 

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Permalink Reply by Sam Moore on December 5, 2018 at 11:22am

It will most likely go into the estate until it is probated and then will go to the heirs.

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Permalink Reply by Nancy Mosley on December 5, 2018 at 3:12pm

"income in respect to a decedent" is the term. What Sam Moore said.

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Permalink Reply by Dott on December 14, 2018 at 12:13pm

The executor will open an Estate Bank Account with a special number from the IRS and all the royalties will go into that account and probably other Estate Money depending how the Will/Trust was set up. Multiple tax returns will happen (a yearly and when this Account closes). If anything has to go to probate it can tie up all money  until probate and estate is completely settled.  Depending on how much there is to settle this can take 1 1/2 to 2 years and then the money is dispersed to all heirs. During this time the executor takes care of sending information to appropriate  companies etc about the death and the heirs in order to get records changed over.  But again any money that comes in or items sold for cash before that happens goes into the Estate Bank Account until a later time. If nothing needs probating then things settle out quicker. And last some states still have State INHERITANCE taxes to be paid. Many states have dropped this kind of tax including Ohio.  If state INHERITANCE taxes have to be paid then may have to go to  probate for an accounting purposes. ( I think)

If you are in Ohio and you are inheriting only the mineral rights and not the surface be sure your Executor transfers your rights with a Property Deed (Ohio considers gas and oil property) and not just an "Assignment" etc. because that will not hold up in court.  I would recommend that the Executor use an Oil and Gas Attorney to be sure everything is done properly.  I made the mistake of using my mom's Trust Attorney who messed things up for 2 years and we could of lost the rights to the surface owners but luckily I caught his mistakes by my doing my own research.  Good Luck

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Permalink Reply by william george allison on December 15, 2018 at 2:14am

Thank you dott

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