This week we talk about estate planning and mineral rights with attorney Ben Kinney with the Kinney Law Office. There are so many useful tips that we talk about during this episode that I’m sure this will end up as one of our most popular episodes yet. I can’t wait for you to hear it but before we get to it, If this episode is helpful to you all that I ask is to leave a rating and review on Apple Podcasts or wherever you are listening to this. This is the best way to help us out and thanks in advance for your help in getting the word out about the show so that others can benefit from this information as well.
If you have recently inherited mineral rights or royalties, go back and listen to Episode 39 of The Mineral Rights Podcast to learn more about what to do if you inherit minerals.
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About Our Guest
So here is a little background on our guest, Ben Kinney. Ben’s law practice helps clients develop asset protection strategies to protect and manage their wealth. He supports the hard-working families in Colorado and Wyoming with estate planning, mineral rights, and other legal needs. The Kinney Law Office builds comprehensive strategies and solutions for clients using estate planning tools like wills, trusts and family companies, along with other strategies to help families build and protect wealth. They leverage legal expertise, technology and information to support each client.
Prior to entering private practice as a Personal Family Lawyer, Ben spent more than ten years advising foreign governments and individuals on legal, regulatory and policy issues related to energy development and management of mineral resources. He now provides that same high-level wealth and strategic advisory service to families in Wyoming and Colorado.
Why are Mineral Rights Sometimes Overlooked in Estate Plans?
We talk about a myriad of tips and tricks as it relates to estate planning and mineral rights. Be sure to listen to the entire episode so you don’t miss anything. Some of the topics we discuss:
Estate planning is an area that many mineral owners overlook. This is evidenced by heirs that are surprised to find out that they’ve inherited minerals and heirs are faced with the often daunting task of having to clear title to get the property in their name.
- Why is this often the case?
What is Probate?
- What is probate? Why is it that probate can be an expensive and time consuming process for heirs to deal with?
- Do all wills need to go through the probate process?
- When most people think of probate, they think of it as a once and done ordeal. I know with minerals you hear every-so-often about the need to reopen a probate for one reason or another. Is this something you encounter often and what are some examples of why that would occur?
- When probate occurs and the inventory of the estate is prepared. All parties try their best to ensure the inventory is inclusive of all property owned by the decedent. That being said, in my specific circumstance there were several properties excluded from the inventory of the estate and many years later discovered. Is this a fairly common thing? Is there anyway that our listeners can prevent this from happening for their beneficiaries?
- What are a couple of simple steps that mineral owners can take to prevent saddling their heirs with a mountain of paperwork that they have to deal with related to inherited minerals?
- Is it as simple as just having a will and keeping the inventory of assets up to date?
- Are there ways that mineral owners can avoid their estate from having to go through the probate process?
Why Trusts May be Useful for Mineral Owners
- Trusts – Are there other ownership structures that also avoid having to go through probate? What about ownership of minerals in an LLC?
- What are some of the other strategies that mineral owners should be aware of when it comes to transferring ownership of minerals to their heirs both from an estate tax point of view as well as an ease of transfer standpoint?
- What makes an estate plan complicated? Does the number of beneficiaries or properties increase the complexity? Does the complexity determine which legal instrument is the right fit for that estate plan?
- What are some of the best types of entities to hold minerals in from an estate planning point of view? What are some of the advantages of each of these structures? What are some of the disadvantages that people should be aware of?
- What are some of the types of trusts that mineral owners should be aware of?
- Can all of these types of entities be used to transfer ownership of minerals both before death and after death? Does it primarily depend on the wording in the specific documents that are used to define the entity as to the timing of transfer of ownership or are there other considerations?
- What are some of the biggest mistakes that you see clients make when it comes to estate planning?
- How can they avoid them?
- What should mineral owners look for when hiring an estate attorney? Is experience with minerals and royalties a prerequisite?
- What types of questions should they ask themselves to prepare for their initial consultation with an attorney?
Resources Mentioned in this Episode
- Kinney Law Office Upcoming Webinars
- National Association of Royalty Owners – Colorado Chapter
- Mineral Rights Forum
How to Contact Ben
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Disclaimer: The information contained on this website and in the Mineral Rights Podcast episodes should not be construed as legal advice on any subject matter. All information, content, and references on this site are for general informational purposes only. This website links to other third-party websites. These links are provided as a convenience to our listeners/readers and the Mineral Rights Podcast and the hosts do not recommend or endorse the contents of the third-party sites. You should not act or refrain from acting on the basis of any content included in this episode without seeking legal advice from counsel in the relevant jurisdiction.
