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What are mineral rights and how can they affect an estate?

The right to exploit a piece of property's natural resources are often referred to as its "mineral rights," and it exists as a distinct asset that's independent of the surface land itself -- which means that they can be bought and sold independently of the surface land. Those mineral rights can often be quite valuable and affect the tax liabilities of everyone involved. For example, if there is a pocket of natural gas or oil below an area of otherwise unused land, the heirs holding those mineral rights may benefit considerably.

Determining if you are the right choice for estate administration

To Pennsylvania residents without a lot of knowledge about estate administration, it may seem like a simple task. In reality, just the opposite is true. Serving as an estate administrator is nearly always a complicated undertaking. While you may feel honored that someone has placed such trust in you, it is wise to be honest with yourself about your ability to fulfill the role of estate administrator.

How to decide on estate administration duties

Once an estate plan has been crafted and is nearing completion, Philadelphia families must turn their attention to determining who will be responsible for carrying out the tasks outlined within the plan. These decisions are just as important as those laid out within the estate plan itself, as estate administration is a crucial part of turning one's intentions into reality. Not everyone is well-suited to handle the administration of an estate, and the best candidates are not always the ones that immediately come to mind.

Easing the process of gathering assets following a loss

For many Philadelphia families, the focus of estate planning efforts is on achieving a smooth transfer of wealth from one generation to the next. However, it is also important to give some consideration to the tasks that will be required of the person who is handling the estate. Gathering assets and distributing wealth to the designated heirs can be a stressful process, but families can take steps to make the task easier to accomplish.

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Larmore Scarlett LLP

Larmore Scarlett, LLP
123 E. Linden Street,
P.O. Box 384

Kennett Square, PA 19348

Phone: 610-444-3737
Fax: 610-444-9532
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