The person named in decedent’s will to administer the estate who accepts the appointment by qualifying before the clerk. Also called executor, executrix or personal representative.
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Below are definitions of estate and probate terminology commonly seen when dealing with oil and gas interests in estates:
The person named in decedent’s will to administer the estate who accepts the appointment by qualifying before the clerk. Also called executor, executrix or personal representative.
A statement of facts relating to the death and heirship of the decedent which is sworn to before a notary public. Usually executed by someone who knew the decedent but is not an heir to the estate.
The additional probate required to legally transfer title when the oil royalties are not located in the same state as the decedent. For example, the decedent’s estate was probated in New York (the decedent’s state of residence) but the oil royalties are located in Oklahoma.
A document authorizing one person (“agent”) to act on behalf of another person (“principal”). Also called “Power of Attorney.”
Person receiving assets of an estate under the terms of the will.
A copy of a document that is signed and certified as a true copy by the officer to whose custody the original is entrusted.
Deceased person.
An estate to be administered pursuant to a will.
The person named in decedent's will to administer the estate who accepts the appointment by qualifying before the clerk. Also called executrix, administrator or personal representative.
A female executor. Also called administrator or personal representative.
A person in a position of trust with respect to another's property. A term used to refer to the executor or administrator.
A court ruling detailing the distribution of assets of an estate.
When the decedent owned an asset in one state but the decedent's will was probated in another state (i.e. the decedent owned oil royalties in Texas but his will was probated in Florida).
Persons who would inherit the decedent's estate if the decedent died intestate, or without a will.
Persons who would inherit the decedent's estate if the decedent died intestate, or without a will.
An estate to be administered without a will.
Detailed list of real and personal property in an estate.
A written decree of the court whereby the executor is named.
The person named in decedent's will to administer the estate who accepts the appointment by qualifying before the clerk. Also called administrator or executor.
A document authorizing one person ("agent") to act on behalf of another person ("principal"). Also called "Attorney-in-Fact."
The legal process in which a court oversees the distribution of property left in a will. The procedure whereby a will is admitted of record in the clerk's office, including the process of qualifying a person as an executor of an estate and the process of administering an estate.
One who dies leaving a will.
An estate to be administered pursuant to a will.
An individual's written declaration of property disposal after death.
Listed below are descriptions of different oil and gas deeds:
Transfers undivided co-ownership to two or more people whereby, upon the death of the first owner, his share automatically transfers in equal shares to the remaining owner(s).
Transfers to the grantee the right to receive revenues generated from oil and gas production and lease bonuses as long as the grantee is alive. Once the grantee dies, the right to receive revenues reverts back to the grantor. Commonly used when an owner wants to transfer his oil assets out of his estate but wants to continue to receive the revenues generated from the oil royalties during his lifetime.
Transfers ownership of the royalty interest including the right to execute leases and receive bonus payments.
Also called quitclaim deed, quickclaim deed and quick claim deed. Transfers any mineral, royalty or overriding royalty owned with no warranty of title.
Transfers ownership of the royalty interest only and not the right to execute leases and receive bonus payments.