[NY] [NY] How do I ensure that my parents’ mineral rights are transferred upon their death?
I am trying to create a transfer on death beneficiary of mineral rights form. The rights are on property in NY.
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So really two options:
- Transfer the mineral rights to the trust and have a specific provision address the ultimate ownership that is desired—meaning to specific beneficiaries (§ 11-1.1(b)(5)(C)).
- Create a Mineral Deed where your parents retain what is known as a Life Estate and set up the desired individuals as Remaindermen. Your parents own the rights for the duration of their natural life, and upon the passing of the last parent, ownership immediately transfers (§ 6-5.8)
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I am trying to create a transfer on death beneficiary of mineral rights form. The rights are on property in NY.
Lexi, Chatbot
I understand you're looking to create a transfer on death beneficiary form for mineral rights in New York. Have you already identified who you want to designate as the beneficiary?
Yes.
Lexi, Chatbot
Are you looking for assistance with drafting the form, or do you have specific questions about the legal requirements for such a document in New York?
Question of legal requirement.
Lexi, Chatbot
Is there anything else the Lawyer should know before I connect you? Rest assured they'll be able to help with legal requirements.
These mineral rights are in NY, and the beneficiaries live in AZ and GA. I tried creating the form, but I don't think it's what we need. AND do we even need this form if we have our parent's trust and will set up?
Seth
Thank you so much for using AskaLawyer. I’m Sean and I will be assisting you as an expert today. I’m an attorney with more than 20 years of experience. It’s my goal to provide a solid overview of your situation. If I am able, I will also provide you with some resources.
Who presently owns the mineral rights?
It is owned by multiple cousins, each receiving a percentage of the mineral rights. The mineral rights (land) are in NY. I am in AZ and my brother is in GA. Currently, the mineral rights are in my mom's name, and she has asked that I get the TOD.
Seth
Are the mineral rights in the trust your parents have? I ask because if they are or can be put in there, then the trust can be modified to address the mineral rights specifically. Then, upon your parents’ deaths, the transfer would be complete and the rights would pass outside of probate.
Yes, (I think) they can be put in the trust. My parents put their trust together, and I am trying to make sure all of their assets are 'in' the trust. At this point, it looks like the rights go to my dad/mom as themselves, and NOT in the trust of their name.
Seth
So really two options:
- Transfer the mineral rights to the trust and have a specific provision address the ultimate ownership that is desired—meaning to specific beneficiaries (§ 11-1.1(b)(5)(C)).
- Create a Mineral Deed where your parents retain what is known as a Life Estate and set up the desired individuals as Remaindermen. Your parents own the rights for the duration of their natural life, and upon the passing of the last parent, ownership immediately transfers (§ 6-5.8)
I'm guessing... I speak with the trust lawyer to get the existing mineral rights document included in the trust? (Embarrassingly) my parents put their mineral rights document 'in the trust book,' and left it at that!
Seth
I would agree with that approach.
Thank you.
Seth
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