Tags: attorney, bri, contacted, guy, law, lawyer, legal, mineral, purchased, rights, state, trust, trusts, wills, wva
Mineral rights in a trust
The state is: ? WVa.
I was recently contacted by a lawyer for a guy who purchased some mineral rights. In doing title research they discovered that my grandfather set up four trusts in which these right were evenly distributed. One of these was my grandmother's and the other my father's. Upon their deaths, these rights would then pass to me at the age of 21. I'm 39 and my grandmother and father have been dead for over 2 years. So basically I'm learning that in fact these mineral rights may have been exploited for 18 years without my knowledge and now they have been sold.
The lawyer didn't know anything more about the trusts than the location and it was the cousin who sold the rights who first made me aware of the question and suggested the lawyer contact me.
So, I'm not sure what happens next.
Do I have any rights?
Can I refuse the sale?
Am I legally due 5 percent of the sale price?
Are the trust invalid?
Has inaction regarding the trusts for so long caused title to go to the bank?
I am going to contact the bank and begin researching the trusts, but does anyone have any initial advice or info on this interesting and tangled legal matter?
Anything would be appreciated.
Thanks in advance.
Leave a comment...
- 3 Comments
- In doing your research you will want to look at your father's probate file and your grandmother's probate file to see IF these rights were handled at all in either of their probates. The fact that they may have not been handled previously means that some type of retroactive probate might be needed now.
Your best bet is to get a consultation with a local attorney who is experienced in mineral rights/royalties, who can give you further advice about how this matter should be handled and the loose ends tied up and to negotiate for the most value for what you have.#1; Fri, 08 Jan 2010 14:47:00 GMT
- In reply the first three questions, I don't know the answer. The buyer was someone outside the family and I don't think the rights sere exercised. As for the worth, I don't think they're entire worthless, but the value isn't very high from what I gather.
It's more a matter of principle and curiosity. I'm not planning my retirement just yet!#2; Fri, 08 Jan 2010 03:11:00 GMT
- To whom were the rights sold? Were the mineral rights exercised? Some mineral rights are worthless, some have value.#3; Thu, 07 Jan 2010 20:38:00 GMT