A Few Frequently Asked Questions About Real Estate, Oil and Gas Rights, and Estate Planning
Published on Wednesday, 01 June 2011 08:22 Written by Lawrence D. Brudy & Associates, Inc.
Real estate, oil and gas interests, and estate planning are complex subjects. In this posting, we attempt to answer some frequently asked questions about them.
Should I have a survey done prior to buying my new home?
Our Attorneys always recommend having a “staked survey” done prior to the closing of the purchase. It is not uncommon that neighboring driveways, tree lines or gardens encroach on the subject property, or outbuildings, wood piles, doghouses have been located on the new buyers property. In many situations relocating the misplaced structure or a recorded easement can solve the issue prior to closing.
I own oil and gas interests that have been severed from the surface estate of land, can I leave those assets to my children and grandchildren in my Will?
Yes, those interests can be left in percentage assignments as “in kind” distributions as a specific devise or in the residuary clause of the Will. These oil and gas assets are taxable for Inheritance tax purposes. Additionally, if the interests are producing royalties, you will need to contact the Lessee for an assignment, ratification and division agreement to receive the royalties.
My husband, who recently passed away, and I owned our home as “tenants by the entireties”, do I need to have a new deed prepared and recorded?
No, property held as “tenants by the entireties” is a form of ownership by husband and wife, whereby each owns the entire property. In the event of death of one of the tenants, the survivor owns the property by operation of law without the necessity of probate.
Contact Julie L. Morris, Paralegal at This e-mail address is being protected from spambots. You need JavaScript enabled to view it. for more information.