Detailed Answer
Automatic Transfer of Real Property in Oregon
Under Oregon law, certain property interests pass outside probate and transfer directly to designated beneficiaries at death. Common automatic transfer methods include:
- Joint Tenancy with Right of Survivorship: When two or more people hold property as joint tenants, the surviving owner automatically receives full ownership at death.
- Transfer on Death Deed (Beneficiary Deed): Under ORS 93.875, a property owner can record a deed naming a beneficiary. The designated beneficiary gains title at death without probate.
- Beneficiary Designations: Certain accounts and assets, such as life insurance and retirement plans, may use payable-on-death or transfer-on-death designations to bypass probate.
When You Must Probate a Will in Oregon
Property titled solely in the decedent’s name or assets without beneficiary designations must go through probate. Probate serves to:
- Validate the will and admit it to probate (ORS 114.005).
- Appoint a personal representative to manage the estate.
- Identify and pay valid debts and taxes.
- Clear title for real property not transferred automatically (ORS 114.015).
- Distribute remaining assets according to the will or Oregon intestacy law.
Probate Process Overview
- File a petition to open probate in the county circuit court, typically within four months of death.
- Provide notice to heirs, beneficiaries, and creditors.
- Inventory estate assets and obtain appraisals.
- Resolve creditor claims and pay estate debts.
- Distribute the remaining property to beneficiaries or heirs.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for advice on your specific situation.
Helpful Hints
- Review your property deeds to confirm ownership type.
- Record a Transfer on Death Deed to name beneficiaries.
- Keep beneficiary designations up to date on accounts.
- If the decedent owned property solely, prepare to open probate promptly.
- Consult a probate attorney to guide you through court requirements and timelines.