Pursuant to ORS 114.505–114.560, the Probate Code provides a simplified procedure for transferring personal property and real property, within specified monetary limits, to those who claim the right to succession to the property. A simple estate may be probated quickly by means of an affidavit filed with the probate clerk.
We can help you probate your Simple Estate. Call the Law Offices of Paul F. Sherman at (503) 223-8441 or Contact Us for a free consultation.
THE EXPERIENCE YOU NEED TO PROBATE YOUR SIMPLE ESTATE
The Simple Estate affidavit provides an economical and time-saving approach for settling estates with minimal assets. If a decedent’s assets that would otherwise be subject to a regular probate are within the monetary limits, the small estate procedure avoids the necessity of proceeding through the full probate process to transfer the decedent’s assets to their proper recipients.
The Simple or Small Estate procedure is often useful when the decedent owned substantial nonprobate property and also owned either a minimal amount of personal property or some real property that requires a transfer of ownership. The purpose of the affidavit procedure is to expedite transfers of the decedent’s property to beneficiaries in lieu of formal probate administration. This is a fast and cost effective procedure to transferring personal and real property.
Pursuant to ORS 114.510(1), an estate qualifies for the small-estate procedure only if (1) not more than $75,000 of the fair market value of the estate is attributable to personal property; and (2) not more than $200,000 of the fair market value is attributable to real property.
An estate also qualifies for the simple-estate procedure if the decedent died testate and (A) Not more than $75,000 of the fair market value of the estate is attributable to specifically devised personal property; (B) Not more than $200,000 of the fair market value of the estate is attributable to specifically devised real property; and (C) The balance of the fair market value of the estate is attributable to property that is devised to the trustee of a trust of which the decedent was a settlor, as defined in ORS 130.010, and which came into existence prior to the decedent’s date of death.
The determination of fair market value under ORS 114.510(1) is made as of the date of death, if the simple-estate affidavit (or, for affidavits filed before January 1, 2024, the small-estate affidavit) is filed within one year after death. ORS 114.510(2). If the affidavit is filed more than one year after the date of death, the fair market value must be determined as of a date within 45 days before the affidavit is filed. ORS 114.510(2)(b).
You will need a certified copy of the decedent’s death certificate to confirm the date of death and must wait 30 days after the death to file the affidavit with the probate court. The Small Estate affidavit must be filed with the probate court clerk in the county where the decedent died or was domiciled or resided at the time of their death. The affidavit can also be filed in the county where the decedent’s property is located. If the decedent died testate, their original last will and testament must be filed along with the affidavit and certified copy of their death certificate.
The filing fee for a Small Estate affidavit is $124.00 in Oregon. The affidavit must be notarized by a court clerk or notary public before being filed.
Once a properly prepared Small Estate is successfully filed, the court will allow the distribution of the assets to the appropriate heirs and creditors without any further need for probate.
LET US HELP YOU PREPARE YOUR SIMPLE ESTATE AFFIDAVIT
We know you have questions and we have answers. If you would like more information on preparing a Small Estate Affidavit or more complex probate estates call the Law Offices of Paul F. Sherman at (503) 223-8441 or Contact Us for a free consultation.