Q: Can my worthless mineral rights just be ignored when I die?
I live in Oklahoma. I own (or might own - who knows?) an undivided interest in mineral rights in Texas. I consider them worthless. Let's suppose that I manage to avoid probate through the use of beneficiary forms, TOD's, and POD's for financial accounts and TOD Deed for my house and cars, for everything except these mineral rights, what happens if I just instruct my person to ignore the mineral rights? I suppose I could give them to someone now, but I don't want to spend the money to prove they are worthless to the IRS. I could also do a TOD Deed for the mineral rights, but I think I would be punishing the receiver instead of honoring them.
A:
It appears that Texas law allows a transfer on death transaction for minerals. A Texas attorney should be asked about a transfer on death deed. Current federal estate taxes begin at $11.4 million.
However, don't just focus on who gets your things when you are gone. Estate planning also avoids guardianship with proper planning.
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