At Clooten Law, LLC, we can assist clients in Hermiston and Pendleton in filing a Small Estate Affidavit for folks with property, who have passed away. There are certain requirements in order to file a Small Estate Affidavit, something we affectionately refer to at Clooten Law as a “Baby Probate”.
A small estate affidavit may be filed if:
• $75,000 or less of the fair market value of the estate is from personal property, and
• $200,000 or less of the fair market value of the estate is from real property.
The dollar limits do not include any property that transfers without probate or the small estate process (such as bank accounts or real property held with right of survivorship).
Note: Effective January 1, 2010, the estate value amounts increased. The total value of estate may not be greater than $275,000, of which not more than $75,000 may be personal property and not more than $200,000 may be real property.
DEFINITIONS THAT APPLY TO THE PROCESS
• Affiant: The person signing this affidavit is the “affiant.” The affiant has specific legal duties under ORS 114.505 to 114.560.
• Decedent: The “decedent” is the person who died leaving an estate that needs to be paid to creditors or transferred to heirs or devisees.
• Estate: The “estate” means all of the decedent’s property that is subject to administration by a court in Oregon. This does not include property that transfers automatically to others following death (such as joint bank accounts).
• Heirs: The “heirs” are the people who would inherit the decedent’s estate under Oregon’s laws of intestacy, ORS 112.017 to 112.115.
• Devisees: The “devisees” are the people named in the will to receive the decedent’s estate. Charities can also be devisees.
• Personal property: All other property that is not real property, including contracts for the sale of real property, bank accounts, vehicles, and so on.
• Real property: Land or interests in land, such as life estates.
• Fair market value: The value of the property on the open market (between unrelated parties), not reduced to reflect debts owed against the property.
WHO CAN FILE
• If the decedent died intestate (did not leave a will), the heirs entitled by law to the decedent’s estate, or the Division of State Lands if there are no heirs.
• If the decedent died testate (with a will) the devisees of the estate.
• Any creditor of the estate who has not been paid the full amount owed within 60 days of the decedent’s death.
For the Probate Avoidance section:
At Clooten Law, LLC, our attorneys in Hermiston and Pendleton can meet with you and explain the different steps that a client can take to avoid their estate being probate upon passing. This requires a specific legal inquiry, research into personal and real property, along with financial accounts; and a frank discussion with the client about their wishes. In some cases, our attorneys are able to help our clients to avoid probate all together. In other cases, probate will ultimately be unavoidable. Because each person’s situation and goals are so different, it is important to understand specific obligations, and our attorneys can explain that to you in plain language.
Call us today to schedule a consultation.