Probate     

Probate is a legal process in which a court oversees the payment of debts and the distribution of assets when a person dies.

A full probate is an expensive and time-consuming process.  An attorney is usually required and the fees for legal services can amount to a substantial sum.  It can typically take a year to complete the process.

 

In Oregon a full probate is required if a person leaves an estate of more than $75,000 in personal property and/or $200,000 in real property.  If the estate is less than these amounts, title to property can be transferred using a small probate procedure where an affidavit is filed with a court.

 

Avoiding a full probate in Oregon involves reducing the amount of property in a person's estate during the person's life below the amounts that will trigger a full probate.

 

The following actions can be taken to avoid a full probate in Oregon:

       [1]  Deed real property to a revocable trust.

       [2]  Designate persons or a revocable trust as beneficiaries                   of bank, brokerage, IRA, 401k accounts.

       [3]  Keep less than $75,000 of personal property and less                       than $200,000 of real property in your personal name.