In Oregon, the value of an estate that requires formal probate depends on several factors. Here’s abreakdown:
• Small Estate Affidavit: Oregon allows for the use of a Small Estate Affidavit for smallerestates, which can bypass the formal probate process. An estate may qualify for thissimplified process if:
The total value of the personal property is $75,000 or less.
The total value of the real property (like land and buildings) is $200,000 or less.
• Larger Estates: If the estate exceeds these thresholds, it will likely need to go through theformal probate process.
• Other Considerations: It’s important to note that whether an estate must go through probatealso depends on how the assets are titled and whether they are subject to certain designationsthat allow them to pass outside of probate. For example, assets like life insurance policiesand retirement accounts with designated beneficiaries, or property held in joint tenancy oftendo not require probate.
Since estate laws can change and each situation is unique, it’s advisable to consult with an estateplanning attorney or a probate lawyer in Oregon for specific advice related to your circumstances.
