Clients often call me with a request to probate a will to transfer title to some mineral rights in one of the oil or gas producing Arkansas counties. Many times, the cost of the probate far exceeds the present value of the mineral rights. For those mineral owners, it is too late. The law requires a probate to transfer title if the deceased’s will leaves the property to someone other than the intestate heirs. This most comes up frequently because many will leave property to a spouse or to a trust, and neither are intestate heirs under Arkansas law.
If you own mineral rights, and want to avoid probate in Arkansas, then an Arkansas Beneficiary Deed is a very good option. The deed can automatically transfer your Arkansas mineral rights upon your death, much like a pay on death bank account. Also like a pay on death bank account, the designated beneficiary can be any person, company, or charity.
In my opinion, an Arkansas Mineral Beneficiary Deed is the best option to avoid probate for clients with mineral interests in Arkansas who will have a gross estate that is less than the Federal Estate Tax Exemption. Contact Law Offices of Mark Robinette for more information.