 His ranching and oil interests were held in trust until his granddaughter, Anne Valliant Burnett Tandy, received her inheritance in 1922.In 1980, it was inherited by his great-granddaughter, Anne Windfohr Marion, who serves as the President of Burnett Ranches and Chairman of the Burnett Oil Company.The town of Burkburnett in Wichita County, Texas was named in his honor by President Theodore Roosevelt.