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Mineral Rights Podcast: Estate Planning and Mineral Rights

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.

Planning For the Ones You Love

Our process begins with a Family Wealth Planning Session. Before the Session, you will complete homework that will have you feeling more organized and put together than you have in a long time. Maybe ever.

During the Session, we will look at what would happen to all of what you have and everyone you love, if anyting were to happen to you. Then we will create a plan together to make sure everything goes the way you want. You can control your future and do things today that will help your family during one of their most emotional and difficult moments. They will always know how much you cared about them and will be relieved of many of the difficult choices they would have otherwise been forced to make.

At Kinney Law Office, we see the signing of your estate planning documents as just the beginning of our relationship with your family. Over time, your assets will change, your family will change, the law will change and your life will change. Your plan must evolve and adapt to these changes to make sure it works when your family needs it the most.

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Colorado
Kinney Law Office
390 Interlocken Crescent
Suite 350
Broomfield, Colorado 80021
tel: 303.386.4328
fax: 307.633.9729
Wyoming
Kinney Law Office
109 East 17th Street
Suite 5168
Cheyenne, Wyoming 82001
tel: 307.633.9728
fax: 307.633.9729
Call us today: Colorado: 303-386-4328 Wyoming: 307-633-9728
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