Family arguments over money aren’t new. In fact, it’s become a popular theme in books and film forever. For instance, the Bard himself, Shakespeare, probably started it all with King Lear. The story tells the tale of a king and father of three daughters who chooses to divide his kingdom fairly among them.
Then his ego takes over, making the final choices not so fair. In the end, his own children bring him down, and his family is ruined. Ouch.
Family drama is big entertainment. Turn on Netflix, and you’ll find several documentaries about family greed and betrayal. And afterward, aren’t you grateful your own family is able to work things out instead of ending up on a docuseries? But if some of the themes about family arguments are hitting too close to home, especially around your inherited mineral rights, there is a chance for a happier ending
We speak to a lot of individuals who think it’s time to let go of their inherited mineral rights. But the royalites are connected to a family estate. And over time the shares have been split again and again. The result can be misunderstandings and tense family discussions. They are tired of the disagreements bubbling up at holiday gatherings. Or how an uncle has a specific opinion about how the royalties should be split and distributed. And maybe the person with the responsibility feels unappreciated. Being in charge of the family royalties and handling all the paperwork, taxes, and legal work is time consuming. If they’ve hired out an estate attorney to manage most of the work, that fee cuts into the royalty payments. Put all that together and it doesn’t seem worth it anymore.
A plan to sell gas rights in Oklahoma can solve the problem
When it comes down to inherited mineral rights split among families, there are options to get out of it. And based on discussions with family members you can find your solution. Here are three choices:
Sell it all: When families can agree to sell all their gas and oil rights, it’s good for everyone. Big buyers prefer the entire mineral tract rather than a piece of it and their accumulated rights can result in a higher offer.
Allow a buyout: If one family member can purchase everyone else’s inherited mineral rights, this option is possible.
Sell your portion: If you can’t seem to come to an agreement with your family members, you can go out on your own and sell your oil and gas rights for a lump sum.
Each option comes with its own rules and tax obligations. If you and your family are considering selling your gas rights in Oklahoma, contact our local team. We will conduct a thorough analysis of the inherited mineral rights and explain what we can offer. If you agree, the process will move fast. And shortly, a lump sum will free you from the stress of discussing mineral rights at any upcoming family gathering.