Don’t slip up: Plan for ancillary probate for your oil interests

On behalf of Jim A. Lyon Law Firm posted in Oil & Gas on Thursday, February 2, 2017. As someone with interests in oil and gas, you may have a considerable amount of wealth and royalties to your name. As a result, you may have many concerns when it comes to protecting your wealth and determining how to address your oil and gas interests in regards to estate planning. First, you may wish to understand the types of probate your estate could face. Primary probate The probate process involves the settling of your estate. As part of the proceedings, your will (if you choose to create a will) goes through validation, asset distribution occurs, debt settlement takes place, and your chosen executor or court-appointed personal representative generally manages your estate. The primary proceedings typically take place in your state of residency. Ancillary probate However, if you live outside the state in which you hold oil and gas interests, your estate may face additional probate proceedings. Ancillary probate means that in order to address the interests held, the executor or other necessary party related to your estate will face a smaller probate proceeding in the other state. For example, if you     Read More