Disclaimer: This article is for general informational purposes and does not constitute legal advice. Consult an attorney for guidance on your specific situation.
Detailed Answer
Oregon’s small estate affidavit process lets heirs collect certain personal property without full probate. Under ORS 114.505, if the decedent’s personal property located in Oregon and subject to probate is worth no more than $75,000, an heir or beneficiary may use a sworn affidavit to claim assets. Follow these steps:
- Confirm Eligibility: Ensure the gross value of personal property in probate does not exceed $75,000. Real property, mortgages, and secured debts are excluded. For full details, see ORS 114.505 (link).
- Wait Required Time: At least 30 days must pass since the decedent’s death before you can present the affidavit to a custodian (ORS 114.510, link).
- Gather Information: List the decedent’s full name, date of death, county of residence, and all known heirs or beneficiaries. Identify assets—bank accounts, vehicles, personal effects—and estimate fair market value.
- Prepare the Affidavit: Complete the Small Estate Affidavit form. Include:
- Affiant’s name, address, relationship to the decedent
- Statement of value and description of each asset
- Sworn statement that estate qualifies under the $75,000 limit
- Attestation that no probate administration is ongoing
- Sign Before Notary: The affidavit must be notarized (ORS 114.530, link).
- Present to Custodian: Submit the signed affidavit to each asset custodian (banks, financial institutions, private parties). The custodian then releases the property or funds to you.
- Distribute to Heirs: Divide collected assets according to intestate succession rules if there is no will. Oregon’s statutes on intestate succession (ORS 113.005–113.215) determine shares. Provide documentation of distributions to all heirs.
- Retain Records: Keep copies of affidavits, valuations, distribution receipts, and correspondence with custodians for at least two years.
Helpful Hints
- Double-check the $75,000 threshold and exclude secured debts.
- Notify all potential heirs before distributing assets to avoid disputes.
- Use certified mail when providing affidavits to custodians for proof of delivery.
- Keep invoices or appraisals for any high-value items to support asset valuations.
- If the estate exceeds the limit or includes real property, consider formal probate or simplified probate under ORS 116.