Oil & Gas

Navigating complex probate issues

Will your family go through the probate process after the death of a loved one? In probate, a person's assets are valued and distributed to heirs, debts are settled, and property ownership rights passed to the intended beneficiaries. In some cases, the probate process is smooth, if not time-consuming. Certain estates involve more complex factors, such as out-of-state property holdings, and it may take longer. Complex probate issues can be frustrating and overwhelming, and if you find yourself in this situation, you may benefit from an Oklahoma lawyer who can protect your rights and resolve these matters in a prompt manner. When probate involves oil and gas properties If you inherited oil or gas property or mineral rights to property, probate will be a bit more complicated. It is critical to work with a lawyer who can protect your rights and ensure that you receive the royalties to which you are entitled. There are important questions that require answers, such as: Where is the oil or gas property located? Is the property in question directly addressed in the will? Does the oil and gas company currently hold royalty money in suspense? If the property is located outside of the deceased's home     Read More

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