Legal Question in Wills and Trusts in Wyoming
Oil & Gas Royalty Interest
According to the probate records I was left a 4% interest in an Oil & gas lease in WY. It appears from my research that the executor received payments on this royalty interest and has since sold the interest.
Under what circumstances could an executor have the authority to sell items specifically assigned in the
will without the knowledge or consent of the asignee?
2 Answers from Attorneys
Re: Oil & Gas Royalty Interest
An executor may sell only those estate assets for which s/he is granted specific authority under the testamentary document, or by court Order. Any other sale subjects the personal representative to liability to the devisee for the value of the asset sold without authorization.
Re: Oil & Gas Royalty Interest
I wish there were a simple answer to your question. It all depends upon the will (if any) and the situation surrounding the probate. If you can tell which county the probate occurred, we can review the file and give you specifics.
The Personal Representative, generally, has a duty to the heirs to preserve assets. If there were bills in excess of the value of the estate, then the royalty might have been sold to pay those bills.
Oil and Gas Royalties, for a time, in Wyoming, had very little value. Now, with the advent of Coal Bed Methane, they are a pretty hot commodity, so it depends upon the situation and time of probate.
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