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Oil Gas and Minerals
Can I rescind my disclaimer of my husband's oil lease?

Can I rescind my disclaimer of my husband's oil lease?

Q: What does a wife do when her husband dies?

When a husband dies, a wife should first ensure she has access to immediate funds and support. Next, she should locate his will and any estate planning documents. It’s advisable to consult an attorney to navigate the probate process, manage debts, and understand her rights regarding the estate and any jointly owned assets.

Q: What happens to a joint account when one owner dies?

When one owner of a joint account dies, the surviving owner typically retains full access to the account. The funds do not go through probate, as joint accounts usually include rights of survivorship. However, it’s important to check the account's terms and any applicable state laws regarding joint ownership.

Q: Does joint tenancy with right of survivorship override a will?

Yes, joint tenancy with right of survivorship generally overrides a will. When one owner dies, the surviving owner automatically inherits the property, regardless of what the will states. This means the property does not pass through probate and is not subject to distribution according to the will.

Full question:

My husband recently passed away. Every thing we owned was jointly with the exception of an oil & gas lease held in my husbands name only. This was our second marriage & my husband had children from his last marriage. I felt big hearted & signed a disclaimer to the oil & gas lease. Days later I knew I had made a hugh error. I went to the attorney & she wrote to the children that I had recinded the disclaimer & to return the oil lease. She said it would be o.k. since the orignal disclaimer is in my file, & the one's mailed were only copies. My question, is this going to be O.K. & legal?? THANK YOU

Category: Oil Gas and Minerals
Date: 04/07/2025
State: Arizona

Answer:

Generally, rescission means canceling a transaction. In your case, you signed a disclaimer regarding the oil and gas lease, which was solely in your husband's name. After realizing your mistake, you consulted your attorney, who informed the children of the disclaimer's rescission and requested the return of the lease.

In contract law, a party can rescind a contract by notifying the other party of their decision. This notification effectively voids the agreement (Shamas v. Koch Industries Inc., 759 F2d 796). Your attorney's action to inform the children of your rescission is a step in the right direction. Since the original disclaimer is in your file, it supports your claim that you wish to rescind it.

However, it’s important to ensure that the children receive this notice and that they understand your position. If they comply and return the lease, you should be in a good legal position. For further clarity, consider consulting your attorney to ensure all steps are properly followed.

This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.

FAQs

What happens if my husband dies and everything is in his name?

If your husband dies and all assets are in his name, those assets typically go through probate. This legal process determines how the assets are distributed according to his will or state intestacy laws if there is no will. If you are the surviving spouse, you may have rights to a portion of these assets, but it depends on the state laws and whether there are any other heirs.

What does a wife do when her husband dies?

What happens to a joint account when one owner dies?

What happens to a jointly owned property if one owner dies?

If one owner of a jointly owned property dies, the surviving owner usually retains full ownership of the property, assuming it was held as joint tenants with right of survivorship. This means the property does not go through probate. However, it’s wise to consult an attorney to confirm the ownership structure and any implications.

What happens if my husband dies and the house is in both our names?

If the house is jointly owned, the surviving spouse typically retains full ownership upon the husband’s death, especially if it is held as joint tenants with right of survivorship. This means the house does not go through probate. However, reviewing the deed and consulting with an attorney can provide clarity on any specific state laws.