Creating a Mineral Rights Inventory for Your Family

One of the most valuable things you can do as a mineral rights owner has nothing to do with wells, leases, or check stubs. It's creating a document that tells your family, clearly and completely, what you own.

Not because you're planning on going anywhere. But because nobody plans on it, and the people who handle things well are the ones who prepare anyway.

What an Inventory Looks Like

A mineral rights inventory is a straightforward document that answers four questions for each property:

1. What do you own? Legal description, county, state, net mineral acres, your fractional interest.
2. What's the status? Leased or unleased. If leased, who's the operator. If producing, which wells.
3. What's it paying? Approximate annual royalty income per property.
4. Where are the records? Where the deeds, leases, division orders, and check stubs are kept.

That's it. One page per property, or a single table if the interests are simple.

Why It Matters

For your spouse. If you're the one who manages the minerals, your spouse may not know the details. An inventory gives them a starting point if they need to take over.

For your children. Mineral rights pass to heirs, and heirs who don't know what they're inheriting can't manage it. We've written about what to do in the first 30 days after inheriting minerals. An inventory prevents the scramble.

For your attorney or CPA. If you become incapacitated or pass away, the people handling your affairs need to know what assets exist. An inventory is faster than searching through filing cabinets.

For yourself. The process of creating an inventory forces you to confirm what you own. You may discover interests you forgot about, leases you need to check on, or records that need updating.

How to Create One

Start Simple

Open a document or spreadsheet and create a row for each property. Include:

Add Contact Information

List the phone number and mailing address for each operator's owner relations department. If something needs attention, your family needs to know who to call. If the operator has changed recently, make sure you have the current company's details.

Note Where Records Are Kept

"Deeds are in the fireproof safe. Check stubs are in the filing cabinet, second drawer. MinRight database is on the desktop computer." A sentence or two per category is enough. If you keep a physical mineral rights binder, note its location here.

Include Professional Contacts

List your mineral rights attorney, your CPA, and any landman or family friend who has helped you with mineral matters. A name and phone number for each.

Where to Keep It

Keep a printed copy with your important papers (will, insurance policies, estate documents). Keep a digital copy on your computer. Tell at least one family member that it exists and where to find it. If you own interests in multiple states, note which state each property falls under so heirs know which rules apply.

Keep It Current

Review and update the inventory once a year. When a lease expires, a new well comes online, or an operator changes, update the document. An inventory that's five years out of date is better than nothing, but a current one is much more useful. Keep records for at least seven years for tax purposes.

Using MinRight for This

MinRight can generate reports of your owned and leased properties that serve as a detailed version of this inventory. If all you need is to build that one comprehensive report of what the family owns, the monthly subscription lets you enter everything, generate the reports, and cancel when you're done. The data stays on your computer either way.

If you're going to track royalty payments and manage the interests over time, the lifetime license makes more sense. But for a one-time organizing project, the subscription is designed for exactly that.