Life is hard, then the government intervenes and makes it more difficult. When you lose a loved one, grief counselors, clergy, and even funeral directors, are there to guide you and help you through this difficult time. Uncle Sam pays you estate taxes.
Careful estate planning can help ease some of the tax burden and paperwork. Some people choose to use a concept called "domain of life". In this case, the owner of a property may assign that property to another person and then continue to use the owners. rights until his death. At this point, the property automatically returns to the person who holds the act. The "tenant for life" or the original owner enjoys all the rights of an owner, including such rights on minerals, until the death. The only right he gives up is the right to sell the property.
The life estate is sometimes used to ensure that the designated heir acquires the property, to avoid any checks or to ensure that an ancestral home remains in the family (pass the property to the family). children, but allowing the surviving spouse to live there). Like any heavy action of legalese, it can be difficult to understand and conduct properly without the advice of a good lawyer.
However, if you are the lucky beneficiary of a real estate deed, you have additional options for getting help. You may have inherited a family property with rented mineral rights. This means that an oil or gas company shares a royalty percentage on any production drawn from the land. The former owner of the property (perhaps your favorite rich uncle now) has benefited from the royalties of these rights during his lifetime. Now you want to do it too.
Many royalty companies buy mining interests, but not the land itself. The process includes the simplification of all documents relating to your life domain, so that you can reap the benefits as quickly as possible and reduce taxes as much as possible. Thereafter, a royalty company converts royalty interests into cash quickly and efficiently, allowing you to mourn your uncle who has disappeared without worrying about Uncle Sam.