Replies to This Discussion

Permalink Reply by G.H. on February 3, 2019 at 8:10am

It is not always split equally among heirs.  It depends on who the heirs are (how they are related), who may have predeceased the decedent, and the laws specific to your state, among other things.

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Permalink Reply by william george allison on February 2, 2019 at 12:17pm

thank you Bo so if we give the oil & gas company all the info they need they will send royalty checks to the four heirs of the estate?

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Permalink Reply by Nancy Mosley on February 2, 2019 at 2:09pm

You should ask the company what they need. Some require a copy of the death certificate, I think, and all will likely want a copy of the will. Also, check with the county clerk or assessor, and ask how to change the tax information.

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Permalink Reply by Dott on February 3, 2019 at 7:04am

William,

I don't believe the O&G company will just pay you the royalty checks now by just showing them the will etc. You will have to have the rights deeded to you and then show them the deeds. They should hold the royalty checks in an account until everything is straightened out once you provide proof that their was a death or they may continue to send  the checks in the deceased name. If they come in the deceased name the executor of the will has to place the money into a trust until probate is finished (if probate is needed) and final tax returns are filed and any state inheritance tax is paid (if your state has a tax) and other bills etc.  Then if any money is left it will be disbursed once the estate is settled which can take up to 2 years.

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Permalink Reply by Nancy Mosley on February 3, 2019 at 7:16am

My experience is that a will is sufficient, and no deed, but perhaps a straightforward will, as in our case, is different from the one involved here. In WV the county clerks have good information on what is required to change ownership for the county taxes and royalty reporting. There is a dollar amount for the estate over which probate is required, as I understand it. Under that, it is a simpler process. I recommend calling the Brooke county clerk and asking for information on this, and also contacting the company. They will need to hold funds in the decedent's name until things are cleared. Get the information on these two separate processes from these two separate parties. You might need an attorney in WV to help. If so, probably someone can recommend one in the Brooke county area, or maybe people at that courthouse can suggest someone.

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Permalink Reply by Dott on February 3, 2019 at 8:18am

Nancy you may be correct that no deed is needed for the O&G company to change ownership  or at the very least to stop sending out checks to the deceased and hold them until they receive what they need. But in the end the new owner will want to transfer the rights into their name and I believe in West Virginia and Ohio it requires a Deed because O&G rights are considered property.

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