Four Things Older Mineral Owners Should Consider

If you are an older mineral owner, there are four things that you should consider regarding your mineral rights:
1. If you own minerals in states outside of your residence, your personal representative will probably have to open ancillary probate in each state where you own minerals in order to transfer (or sell) your mineral rights.
2. You may want to consider your long-term care needs. Mineral rights are considered when evaluating your financial responsibility for long-term care. Often, adult children have to figure out what their parents own and how much it's worth as part of the process. If you sell your minerals, that revenue is also considered (I think for 5 years). So, consider if what you should do with your minerals long before you may need long-term care.
3. Often we see that minerals are left to a surviving spouse. The ownership transfer process can be expensive and if the surviving spouse does not have a long life expectancy, that same expense is incurred again, to transfer the minerals again.
4. Oil and gas are finite resources and all reservoirs eventually run dry. If you are going to sell your minerals, it's better to sell them before the checks are too small. Many mineral buyers will not buy small minerals because the cost of acquiring them can easily be more than several years of income.
Most of these issues can be avoided by putting the minerals into an LLC or family partnership. An attorney can help you find the right solution for your needs. You can also deed the minerals to your heirs early, or sell your minerals.
If you would like an offer on your mineral rights, visit bluemesaminerals.com/. Requesting an offer doesn't obligate you to sell - it's just information.
Best of luck!