What to Expect when Probating an Estate in Oregon
How Much will Probate Cost?
The costs involved in probating and estate in Oregon can run from several hundred to many thousand dollars. Typically the costs are between $4000 and $7000. For estates that have complicated assets or when heirs are fighting, costs can be much higher.
Small Estates can be settled by filing a Small Estate Affidavit.
How Long will Probate Take?
Probate is the Court Administered transfer of the property of someone who has passed away. Typically, it takes 5-9 months to probate an estate. For small estates the process is typically quicker but still takes at least 4 months. You can read more about the Probate Process in Oregon or read Probate Articles on the blog.
What is a Small Estate in Oregon?
Simple Estates may be settled by filing a Small Estate Affidavit. These estates must have less than $200,000 worth of real estate and less that $75,000 of other property.
How does Probate work without a will?
The estate will be probated by the laws established by the State of Oregon. I have written an article about Inheriting Property without a will in Oregon on the blog. This post describes who will receive what under the Oregon laws of intestate succession.
Can I file a probate without an attorney in Oregon?
There is no rule that prevents someone from filing for probate in Oregon. The Probate Process in Oregon appears simple but has many deadlines and formalities that can be frustrating.
How can I avoid filing for probate?
With some planning, it is not difficult to avoid probate. The most common tool used is a living trust but one can up to beneficiary information on life insurance and other accounts so they avoid being part of the probate estate. When deciding if you should avoid probate it is important to make sure you understand the costs involved and carefully balance that with the benefits.
how can i avoid the estate tax?
Estate taxes (AKA, Death Taxes) are rarely an issue for most estates. In Oregon, the Estate Tax is levied only on estates with more that $1 Million in assets. The Federal Estate Tax is levied only on estates that have a value over $5.43 Million in 2015. If your estate exceeds those limits, there a many options for you use to minimize or avoid the Estate Tax. A further discussion of the Oregon and Federal Estate Tax is on the blog.