Many families in Oklahoma who have lived here for a while or have family property here own mineral interests. Many have adhered to the adage “never sell your minerals,” but what happens if you don’t want to sell or lease your minerals?

It happens all of the time. For example, a landman has approached you and wants to lease your land to extract oil, gas, or other resources sold in the market. Should you take the offer?

Let’s start with the basics. 

What is an oil and gas lease? 

An oil and gas lease is an agreement between a mineral owner and a company in which the owner grants the company the right to explore, drill and produce oil and gas. These leases are created so that property owners can maintain their mineral rights. At the same time, while leasing their land to a company to drill.

What if I decide not to sign the lease? 

If the company is still interested in drilling on your property, they will want to compel you to make a decision. 

If a company cannot reach an agreement (an oil and gas lease) with a mineral owner after a good-faith attempt the company may file an application for a pooling order with the Oklahoma Corporation Commission. This application pools the owner’s interest with other mineral owners who have not leased to move forward with drilling the well.

If you have received a Pooling Application, it will inform you of the hearing’s date, time, and location. 

As oil and gas drilling continues in our state, pooling proceedings are becoming more common. As a mineral owner, you have options; however, the time frame to exercise those options is usually limited.

Next steps

If you have received notification that you are subject to a pooling proceeding, the responsibility is then on you and your attorney to take action. Leasing your land to an oil company is an individual choice. On a case-by-case basis, oil leases should be analyzed, negotiated, and even counter-offered. Always consult an expert who understands oil and gas law before signing a lease.

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With years of experience as probate lawyers in Oklahoma City at Robertson & Williams, we understand how challenging this time can be for you. Therefore, we provide you with legal counsel that guides you through the entire process – from estate planning to probate proceedings and trust administration.

What is the Probate Process and Probate Administration?

Probate is the formal legal process that includes proving the will (if existing) and distributing the assets of a deceased person to his or her beneficiaries (if the deceased had a will) or to his or her heirs under Oklahoma law (if the decedent died without a will). 

As one of Oklahoma City’s premier law firms, Robertson & Williams is devoted to assisting our clients in administering and distributing the estate of the decedent in an expeditious manner. Our probate services include:

• Probate of wills for Oklahoma residents
• Ancillary probates for out-of-state residents owning property in Oklahoma
• Intestate administration
• The preparation of documents to transfer the assets of the decedent.

Our OKC-based probate lawyers and estate attorneys guide our clients through the entire probate process. This includes the paperwork and court appearances.  We want our clients to understand the Oklahoma probate process and can make informed decisions throughout.

The Probate Process:

It’s easy to assume that if someone left a will, they’d like respect for their wishes. First, however, one must prove the will in court and then distribute the assets accordingly. A general overview of the probate process in Oklahoma is: 

1. A petition for a hearing date need is set. All interested parties need are given the notice to appoint a personal representative and admit the Will if one exists. 
2. The will is admitted to probate and a personal representative appointed.
3. The personal representative gives notice to the creditors of the deceased individual within two months.
4. Tax returns are filed as necessary.
5. A petition for the final distribution of assets is filed, and heirs are notified of the date.
6. The final hearing to obtain the order for the distribution of assets. 

This is a simplified view of a typical probate process. However,  it can turn into a lengthy and expensive process. Factors such as the size of the estate, number of heirs, debts or debtors, and real estate or oil and gas interests can make the probate process longer. 

While the law does not require the personal representative to hire legal counsel, we recommend hiring an experienced Oklahoma probate lawyer. We recommend this to ensure that all legal requirements are met in a timely manner. 

Trust Administration:

In addition, we offer efficient trust administration. This includes termination proceedings, distribution of assets, and other matters that may arise. Our probate lawyers and estate planning attorneys guide trustees through their fiduciary duties. They also help them administer and distribute the assets to the proper beneficiaries. 

You can rest assured that our attorneys at Robertson & Williams will guide you through every step of the Oklahoma probate process. If you’ve never consulted an attorney before and do not know what to expect, check out our free guide on what to expect from a lawyer-client relationship. 

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If you or your family are from Oklahoma, there is a chance that your family owns mineral rights. This is ownership in resources, such as oil or minerals, that families often pass down through the generations via inheritance. That sounds like an excellent way to secure a nest egg for your heirs. There is an old saying in Oklahoma, “never sell your mineral rights.” Which is to say, if you have them, hold on to them because the resources will retain their value over the years. 

For this reason, older family members will often pass on their mineral rights to their children and grandchildren. This process causes fractionalization of mineral rights, and it’s a bigger problem than you would think. Here are some of the fractionalization issues and some of the ways that a lawyer can help you.

Smaller pieces of the pie

So how does fractionalization work? Let’s say you have one mineral acre that gets broken up into four fractions to be passed on to your children. Now, each of the heirs only has a right to one-quarter of the acre. If this happens again in the next generation, each person will have a smaller fraction.

Over the years, the fractionalized interest becomes more challenging to manage and more expensive to maintain and these costs often are more than the value of the fractionalized interest. What’s worse, if the fractionalized rights are forgotten or lost somewhere in the process, the state will reclaim them. 

How a lawyer can help 

Nobody wants the gift they leave to be lost, so what can be done? A helpful lawyer can help you decide which one of the following solutions is the best for you. 

First, you can put your mineral rights into a trust or partnership and make your heirs the beneficiaries of it. This makes it easier to manage and will give your heirs greater bargaining power because the mineral interest is in a bigger fraction. A second option is to donate your mineral rights to charitable organizations, many of whom have extensive mineral rights and the means to manage them. Another option is to sell your mineral rights and split the money between your heirs.

Whether you want to learn more about passing on your mineral rights or managing the fractionalized rights you have, Robertson & Williams’s our inheritance lawyers can help you protect your family’s legacy. We understand oil and gas law. 

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When one starts a new company with a partner or several partners, it is important to consider potential problems that could arrive in the future. For example, what happens if your partner dies or decides to move on from the business? If you don’t have a buy-sell agreement, these situations can be difficult to figure out. That’s why it’s important to go to an attorney you can trust when it comes to small business law. 

First, let’s define partnership

When using the term partnership, it is important to determine between a partnership as a legal entity and a partnership for tax purposes. Under Oklahoma law, there are three types of partnerships – a general partnership, a limited partnership, and a limited liability partnership. 

A general partnership has no filing requirements and must have at least two owners. Each owner has unlimited liability for the debts and obligations of the partnership. A general partnership files federal and state partnership tax returns but the income, gains, losses, etc. flow through or pass through to the individual partners without being taxed at the entity level. 

A limited partnership (LP) is created when a Certificate of Limited Partnership is filed. There are two types of partners in a limited partnership – general partners and limited partners. General partners have unlimited liability and manage the partnership. Limited partners have liability limited to their investment. They also have little or no say in the management of the partnership. A limited partnership files the same returns and taxes the same as a general partnership. 

A limited liability partnership (LLP) is mainly for professional organizations such as law firms, accounting firms, and medical practices. All partners of an LLP have limits in their liability to their investment in the partnership. The partnership agreement determines governance. An LLP files the same returns for income tax purposes and taxes the same as a general partnership.

What is a buy-sell agreement?

If your company has more than one partner, it’s a good idea to have a buy-sell agreement. The agreement would be either a separate agreement or built into your operating agreements to avoid future problems. Buy and sell agreements are common in partnerships and are necessary to ensure smooth transitions in ownership when a partner dies, retires, or decides to exit the business. 

How can a small business lawyer help? 

If you’ve got two or more owners, give Robertson and Williams a call. We know small business law. We’ll help you figure out what’s necessary and appropriate for your company.

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Losing a loved one is one of the worst things that can happen to any of us. It is something that most of us try hard to avoid thinking about. When they pass away, the legal process of probate can be pretty complicated. To ensure that you don’t have a troublesome process, you need a probate lawyer.

You can’t take it with you

Think about all of the assets we accumulate over our lifetimes; personal property, houses, vehicles, bank accounts, businesses, lawsuits, loans, debts, etc. It starts to add up! To make matters more complicated, survivors often have to find a way to manage all of their loved ones’ remaining assets. These are the kind of things that a will would address. The job of executing the will is left to the personal representative. Your personal representative collects the assets, pays the debts, and eventually distributes the assets of your lost loved one.

Who does what?

When someone dies, a personal representative will oversee the estate. If someone has a valid will, they are the executor. An executor’s role is to distribute the remaining assets as outlined in the will. If someone does not have a will, then the court will appoint someone, and that person is known as the court-appointed administrator.

Do all assets go through probate?

Not all assets have to go through probate. For example, if a married couple holds their property in joint tenancy, the property will go to the surviving spouse in the event of one of their deaths. Another example, if a man names his son as the designated beneficiary in his life insurance policy, those assets will transfer to his son, and they will not have to go through probate. The same thing applies to a retirement account.

So, what is probate? 

We’ve talked about someone who has a will or a designated beneficiary, but what if someone does not have those things?

That’s where probate comes in. For example, if a single woman dies with a home and hasn’t left a joint tenant or a designated beneficiary, that home will have to go through probate. Probate is the judicial process where a will (if there is one) is proved in a court and accepted as a valid document that is the true last testament of the deceased. If a person dies without a will, and their property is not left to someone (like a joint tenant or designated beneficiary) their property will also have to go through probate. In this case, the court distributes their property according to state statute. This is why it is important to have a will, to tell the court and your loved ones who should get your property and assets. 

Probate is lengthy and expensive, but you can save time and money now by talking to your lawyer about having an estate plan to avoid probate. Robertson and Williams are the lawyers you need to get your estate in order to avoid probate in the future and can help you through the probate process of a loved one now. Not sure if you need to go through probate for a loved one’s property? Give us a call and we can help!  

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You’re a business owner. You put years of love and effort into your small business and are proud of what you’ve made. Now someone has made you a very tempting offer for it, and it seems like the time is right to sell, but you know nothing about small business law. While it seems like too much work to figure out, it would be nice to move on to another opportunity. However, before you shake hands and close the deal, it’s essential to ask yourself, “Have I done everything I can to make my business more appealing?” 

Mistake to avoid: waiting until it’s too late

There are several steps to take when you decide you want to sell a business. Business owners often wait too late to optimize the sale of their company. This is because people are unprepared to sell to get the best price. The best practice is to know it’s never too early to start planning. One to two years is advisable to start planning to sell your business. 

Preparation: getting ready to sell your business

Here are some things a small business attorney can help you do as you prepare for the sale.

1. Determine what your business is worth
2. Develop the executive summary of your business
3. Assemble your portfolio

As a business owner, you should sit down with a small business law attorney and begin planning early. Planning early and being organized helps you protect the business you created without fully understanding small business law. In addition, the attorney can help you prepare all the necessary organizational documents and ensure that all of your contracts are up to date. At Robertson and Williams, we offer you a free consultation so we can work together to understand what is best for you and your company and a strategy to get there. 

Performing due diligence: the checklists

Most buyers will want to see a due diligence checklist, so it’s a good idea to sit down with an attorney early and begin going over all of the necessary documents. Still not sure what a due diligence checklist is? This checklist includes regulatory information, environmental considerations, financial information, insurance information, etc. It works as an organized checklist that allows buyers to analyze the company that they are acquiring. You can find a more intensive checklist through the helpful resources listed on our website.  

Small business law can’t be that complicated, right?

Let’s face it, between all of the taxes, copyrights, permits, licenses, certificates, articles, and every other legal consideration involved in running a business, it becomes quite cumbersome to manage. People hire you because you are an expert in your field. We are legal experts with many years of expertise in small business law, real estate law, and energy law. At Robertson and Williams, we are eager to help you with your legal needs.

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Plan ahead and give your friends and family peace of mind

It’s not easy to think about what will happen after we pass on. But you want to ensure that your loved ones are taken care of. The best way to ensure that your legal, financial, and personal affairs are in place is to create an Estate Plan. 

What is an Estate Plan?

An Estate Plan is several legal documents often created with the help of a trusted lawyer. These ensure your financial assets and properties are managed and distributed to your loved ones upon your death. An optimal estate plan means having a plan in place for your future and the future of our loved ones. This not only provides you but your family, peace of mind.

An Estate Plan should include the following documents:

Last Will and Testament

A Last Will and Testament is the most common document to create when planning your estate. It will not only state what should happen to your personal and financial assets but, more importantly, who will look after minor children in the event of both parent’s death. By preparing a Last Will and Testament, you avoid a court deciding who should take care of your kids and how and when they should receive their inheritance.

Power of Attorney (POA)

A Power of Attorney is a legal document that gives a person legal authority to act and make decisions on behalf of someone else, usually when that person is incapacitated in some way. People often choose their spouse, a family member, or a trusted friend to be their power of attorney. There are two types of POAs that are typically included in an estate plan. 

Healthcare POA – A Healthcare POA specifically relates to giving authority to make medical and health decisions if the person is unable to do so themselves. 

Durable POA – A Durable POA is someone who can make financial and legal decisions on your behalf if you are unable to do so yourself. A Durable POA can be effective if you become mentally incapacitated – allowing someone to sign documents and make decisions for you without needing a court order. A Durable POA can also be used for something as simple as you being out of town when you need to sign a legal document. 

Advanced Directive

An Advanced Directive (sometimes called a Living Will) indicates someone’s end-of-life decisions and sets out who will make those decisions for them if they are unable to (similar to a Healthcare POA). While it may not be a pleasant subject to think about, you can help your family and medical professionals by informing them of your late-stage life wishes. This often includes your personal decisions about if and when you want to be put on life support, and whether you wish to donate your organs and tissues. 

Revocable Trust

A Revocable Trust is a document that assigns a trustee to manage and distribute a person’s assets after their death. A Revocable Trust can help avoid probate as well as maintaining privacy and reducing estate taxes. 

Let expert lawyers handle your estate planning to protect you and your family. Contact Robertson and Williams Law firm Oklahoma today!

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Businesses survive on strong relationships. This cannot be achieved without contractual agreements that legally bind such business arrangements together. Legal contracts take your obligations and those of others into consideration. Therefore, every little detail goes into account when creating legal contracts.

Apart from being a critical tool to enforce commitments, legal contracts enable partners to evaluate the relationships and risks to be apportioned. A single error in the contractual agreement can lead to the loss of millions of dollars. This could lead to hectic litigation processes, which may cost you more.

Considering these litigation concerns, contracts play a vital role but often can be intimidating. But they don’t have to be stressful when you have experts on your side.
It’s not possible to eliminate all the risks of going to court. However, partnering with expert lawyers to help you draft, review, negotiate and execute your contract will help you prevent many risks.
We’ve developed a list of reasons why you need a lawyer to handle your contract:

Complete contracts

Lawyers are highly experienced in drafting contracts that clearly explain each party’s responsibilities. Lawyers can review contracts to identify any missing information and suggest terms and clauses to be included in the contract. You want to make sure your contract protects you and protects against unforeseen circumstances.

Enforceable contracts

You’ll want to ensure that your contract is enforceable.There are many types of contracts that cover different areas of law. Attorneys know the ins and outs of these areas of law to ensure that your contract is enforceable and will hold up if there is a dispute. Additionally, different states have different contract laws. It is important to know the
A contract that a lawyer has handled is enforceable in court, unlike generic form contracts containing loopholes.

Negotiation

Lawyers have the knowledge and skills to understand the benefits and drawbacks of certain contracts. You will benefit more from your contract using an attorney to negotiate the terms of the contract. A lawyer can negotiate terms that will benefit you now but also protect you from future issues.

Dispute resolution

Poorly written contracts are a recipe for expensive disputes. Delegating the contract duties to a lawyer prevents disputes from arising.. He or she will outline your responsibilities clearly to hopefully avoid any disputes. An attorney will also ensure clauses are included to resolve disputes in a way that is the least intrusive to your life and business.

Lawyers have a better understanding of contracts

Contracts are legally binding documents and anyone who signs one needs to understand their obligations under it. Understanding the contract terms is imperative. .. An attorney will help you understand what you are signing, what your obligations are and what legal ramifications it could have.

Conclusion

You will want to benefit fully from your contractual agreement. Do not overlook simple things that may lead you to trouble, leading to huge losses. Let expert lawyers handle your contracts to protect you from any form of litigation.

The post 5 Reasons why you need a lawyer for your contracts appeared first on Robertson & Williams.

When you are finally ready to set up your small business, there are three necessary members you need on your team. And that is a small business lawyer, a financial advisor, and an accountant. Unfortunately, people tend to overlook hiring an attorney because they think they can handle all the legalities independently, but more times than not, they are mistaken. 

A small business lawyer is very important when setting up a new business and providing you with the necessary business law advice. See below the reseasons why you need one on your team. 

To help set up the company

Not all companies are the same. Options to create a company can include sole or general partnership, joint venture, limited partnership, limited liability company and corporation. Each type of company has pros and cons, rules and terms that a lawyer will know, and can streamline the process for you. 

To help you get tax compliance certificates

All businesses, big or small, must pay government taxes. A lawyer will know the tax advantages and disadvantages for each type of company. They will be able to help the owners pay their dues on time and avoid unnecessary tax fines. 

To help with contacts 

If you plan to hire employees for your business, you must formulate solid contracts. A lawyer can help create contacts that will protect your company and avoid unnecessary problems down the road. Contracts can also help protect a company’s business, including confidential information, formulas, and recipes, etc. 

To help the business mitigate any lawsuits

Through drafting contracts and adhering to state requirements, attorneys help your company avoid potential lawsuits. An attorney is the voice of reason that knows the law and does their research to ensure every decision reached stays on the lawful side of things. 

To help you fight lawsuits 

Let’s say that you are already in a legal fix; what do you do? You get a lawyer ASAP! If you do not have one already, they are your best bet to beat the system and regain control. Even if you are the one in the wrong, a lawyer helps you negotiate your way to fixing things within reasonable constraints. 

Conclusion

You need a lawyer if you want your company to grow, flourish and be protected. A small business lawyer is an asset for your small enterprise. Contact small business law specialists, Robertson & Williams Law firm today to get more information!

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Estate planning is necessary for the protection and transmission of wealth and to ensure the care of minor children. A good estate plan is prepared well in advance. In this article, we  share 8 tips to help you plan your estate optimally.  Let us share our tips with you! 

What is estate planning?

Estate planning is the process of planning for the transfer, after death, of one’s assets, including investments and life insurance policies, to a person or persons of one’s choice in order to:

• preserve or increase the value of the estate to the extent possible;
• ensure that the right amounts are given to the right people; and
• Reduce taxes.

It also ensures that your minor children are taken care of by the individuals you chose. And doing it the right way is the key. 

Tips for optimal estate planning.

Estate planning is essential but often neglected. At any age, it is essential to have a professionally drafted will to ensure that your assets are distributed effectively according to your wishes. 

Here are 8 tips for optimal estate planning.

1. Don’t wait too long to plan for your estate

Estate planning is not just for those over 70 but starts much earlier than you think. It’s not often discussed, but the first steps in estate planning are taken when you get married (or cohabitate). It is especially important to have an estate plan if you have minor children. Your estate plan evolves as you travel through life’s stages. . If you wait until the end of your life to plan your estate, you may have to find your salvation in last-minute planning techniques that are often  risky.

2.   Plan your succession according to your profile

Depending on each individual’s profile and objectives, there are different tools available to optimize succession planning. An estate planning attorney is familiar with the various options available. They will help you put in place an estate strategy adapted to your particular situation and desires, to provide for your dependents or,, to reduce the taxes that your spouse or children will pay at the time of death.

3.   Create a will

Regardless of the assets making up the estate to be inherited, a will offers two major advantages:

• It prevents conflicts between heirs, which are costly to the estate and can create additional family conflict.
• It allows the deceased to keep control over the transmission of money and property and respect the deceased’s wishes: he or she chooses who will receive what, thus avoiding conflicts and legal complications. It also protects heirs from the risk of waste or malpractice.

A will also names a person responsible for the estate, a guardian to manage the legacy of minor children until they reach the age of majority, and plan the transfer and management of a business.

4.   Protecting your heirs (inheritors)

Estate planning also means planning for the worst and protecting your loved ones in case of premature departure. Whether you are an employee or a business owner, there are various solutions to provide protection for dependent persons, such as life insurance policies.

5. Think carefully about the contents of your marriage contract.

, If you have a prenuptial agreement, certain provisions in your marriage contract take precedence over inheritance law. Do you wish to favor your spouse as much as possible or, on the contrary, limit his or her share? The choice of the matrimonial regime is important and will determine the share that each heir will receive. If you opt for a marriage contract, it is important to think carefully about its content and evaluate it regularly. 

6. Want to include your grandchildren in your estate planning?

In this way, you help them get a good start in life and benefit from a tax advantage. Your inheritance will be divided among a larger number of heirs. By allocating a share of your estate directly to your grandchildren, you pass on a generation and reduce the inheritance tax you may have to pay in the long run. In this case, you should always take into account the share reserved for your children.

7.   Review your estate regularly.

Once developed, your plan  should be evaluated regularly. Over the years, it is not only your family situation and your needs that change, but legislation (especially tax regulations) is also subject to regular changes.

8.   Entrust estate planning to specialists

Estate planning is a complex matter. In addition, your personal situation deserves tailor-made planning. For example, certain groups such as cohabitants, blended families, etc., require specific planning. 

View Our Frequently asked Estate Planning Questions

Do I need an estate plan if I do not have many assets? 

An important part of an estate plan is to provide for your minor children. If you do not have a will stating who you would like to care for your children when you are gone, the court will decide who should care for them. The court may not choose the same person you would for your children. Even if you do not have many assets, a will is important for this purpose.

Where do I start with estate planning?

It is usually recommended that you begin the process by taking an inventory of your assets to get a clear image/idea of what your estate will contain. You should also work with a financial advisor who can help you estimate your estate’s after-tax value.

How often should I review my estate plan?

Your estate plan should always be revised when a major event occurs in your life-death, divorce, the birth of a child- to reflect your new reality. 

Why is it important to plan your estate?

Suppose you don’t have a personalized estate plan as part of your overall financial planning. In that case, your assets may be distributed in a way you didn’t anticipate.

If you are needing more advice on estate planning, please contact one of our friendly attorneys at Robertson & Williams.  

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