How To Avoid Probate In Oregon

How To Avoid Probate In Oregon,

How much does an estate have to be worth to go to probate in Oregon?

All estates must go through probate unless they meet one of the few exceptions. However, some estates may qualify for a simplified version or probate that is less complicated and time-consuming. It is known as a small estate proceeding. The personal property of the decedent can be worth no more than $75,000.

In what circumstances is probate not required?

(ORS 114.515) Estates that are eligible for a administration by affidavit are those that have probate assets: Less than $200,000 worth of real estate. Less than $75,000 worth of personal property.

What assets are subject to probate in Oregon?

There is no need for probate or letters of administration unless there are other assets that are not jointly owned. The property might have a mortgage. However, if the partners are tenants in common, the surviving partner does not automatically inherit the other person's share.
, How To Avoid Probate In Oregon, In Oregon, you can make a living trust to avoid probate for virtually any asset you own—real estate, bank accounts, vehicles, and so on. You need to create a trust document (it's similar to a will), naming someone to take over as trustee after your death (called a successor trustee).

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