Legal Question in Wills and Trusts in Texas
Trust
Trust owns the property,
1/8 oil lease,trust state all income from the property is to come to
one benefincary,? is who owns the 1/8 lease,the trust or the benefincary who receive all income that comes to the property.
3 Answers from Attorneys
Re: Trust
Trusts are often complicated documents. The answer to your question may not be that simple, so please have an attorney look at the trust document.
Re: Trust
An oil lease runs with the real estate. In all probability the trust holds the lease. An attorney should look over the trust document to make sure who has rightful title to the oil lease.
Re: Trust
If the trust owns the property and the property is the 1/8 oil lease it would seem that the trust owns the lease. If the trust states that the beneficiary is to receive the income from the lease the beneficiary has right to the income from the lease.
To properly advise you, an attorney would need to review the trust and the lease.
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