Probate will need to be open for a couple of years. I would like to get a written agreement in place with my sister to ensure we have a clean division of assets. Is there a particular legal form we should use in Colorado for that purpose? For various reasons, it is important to have a clear... Read more »
There is not a particular form that I am aware of to outline an agreement of a division of assets. What you need is a brief agreement with your sister about the property division. It would say how it was distributed, that you are both OK with that, and a release of claims against both of you.
From covenants:Mineral Interest. The Board of Directors shall be given the express authority to negotiate the precise location of any exploration and production activity for minerals of any type with the City of Greeley to approve such location or, in... Read more »
There is a lot to this question. The first is whether the lot owners were given the minerals to begin with. If so, then the question is whether this covenant applies to each lot. It probably does. Then, what does this covenant mean. This covenant allows the HOA to execute leases for each lot...Read more »
Probate does not have to be finished in order to sell property of the deceased. However, the seller must have authority; this person is usually the personal representative/executor. The personal representative distributes property and pays off debt. If there is a debt on the house, like a...Read more »
What you want are Deeds, not a Deed of Trust. A Deed would be in the form of a quitclaim deed or warranty deed. This creates a "chain" of title that you can show the bank. A to B, B to C, C to D. If there are no deeds for the gift, then you are going to have a much tougher time and will...Read more »
You should definitely engage a probate lawyer since there is real estate involved. Generally, real estate requires the Letters, which you have. You then distribute the property using a personal representative's deed in accordance with the will, or if no will, Colorado's intestacy laws. There are...Read more »
It depends on what title you have to the mineral rights. Based on what you've written, you are probably co-tenants of an undivided interest in oil, gas, and other minerals. Assuming this, then no, you cannot stop the siblings from leasing, selling, or using their part of the interest. Each...Read more »
Yes, it is very common to sell the mineral rights under the land and keep the surface. However, as has been pointed out, the minerals take precedence over the surface. If an oil company wants to drill on your surface to access the buyer's minerals, they must reasonably accommodate your surface...Read more »
They had no children together but married over 20 years. Step moms mother is alive but is 90 and lives in nursing home (possibly mentally incompetent) . She has no birth or legally adopted children and no will or trust. Who is her next of next of kin?. Since its going to probate could i contest and... Read more »
Your question is missing some important information, feel free to contact me via email so I can better answer it. But generally, you should have some interest in your father's estate, though it sounds like there is not much in it. If so, then the "spousal share" may eat up all of the estate. The...Read more »
The obligation of the personal representative of the estate is to determine the fair market value. There is no state requirement for an appraisal. I think that you can feel free to use the appraised value on September 9 to determine fair market value on September 15.
My sisters, my brother, and myself were given a part of an oil royalty owned by our mother. My brother died in April of this year with no will. He was married and had adopted his wife's son. They did not have a good relationship, and her son has been estranged from them for several years until the... Read more »
You need to consult a lawyer on this. It seems to be a very complex situation. Having said that, it appears that the estate needs to be probated, even though there is not a will. This is called "intestate succession". The laws of Texas will govern how the property is to be distributed, and it...Read more »
I'm a royalty interest owner in an oil & gas well in Oklahoma. In 2011, the operator sued the working interest owners and all proceeds from purchasers were put in suspense. (It was set-up for the operator to receive all proceeds & to distribute to everyone). The well has been producing from 2011... Read more »
You can sue anyone for anything. Winning is another matter. There are not enough facts to fully and faithfully answer your question. However, it does sound like you are entitled to the unpaid royalties, probably with interest. I would start with the current operator and ask them what is going...Read more »
The buyer will want you to do it that way, but I always counsel my clients to not turn over the deed until payment is made. Usually I do this simultaneously. I've not had a problem in asking for and getting this concession, because otherwise it is too risky and not fair to the seller....Read more »
As noted, the answer depends on many undisclosed facts. You need to get the will and the trust and then consult with a lawyer. If you are a beneficiary of the trust, you should demand an accounting of all trust payments and income. You might also consider a suit for breach of fiduciary duty,...Read more »
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