Should a Personal Representative Open an Estate Account in Oregon?
Detailed Answer In Oregon, a personal representative must keep estate funds separate from personal money. Oregon Revised Statutes (ORS) 111.185 requires you to deposit all money belonging to the decedent’s estate into an account you maintain in your fiduciary capacity. You often hear this account called an “estate account” or “fiduciary account.” Here’s why opening […]
Read article →How to determine if other creditors or lienholders could have claims to the surplus funds in Oregon?
Detailed Answer When a property in Oregon sells at a foreclosure auction for more than the debt owed, the extra money is called “surplus funds.” A trustee must deposit these funds with the county clerk. Under Oregon law, other parties with valid liens or claims may request those surplus funds within six months of the […]
Read article →What options exist for establishing authority over an elderly heir’s personal and financial decisions in Oregon (OR)?
Understanding Authority Options for an Elderly Heir in Oregon Detailed Answer When an elderly heir cannot manage personal or financial matters, Oregon law offers two primary routes: a power of attorney and guardianship (protective proceedings). Each path serves a different need. Understanding their structure under Oregon Revised Statutes (ORS) helps you choose the right tool. […]
Read article →How to Verify and Probate an Old Will Discovered Decades After Execution in Oregon
Detailed Answer When you discover an old will decades after its execution, Oregon law lets you admit it to probate if you prove its validity and follow court procedures. Key steps include: Confirm the Original Document: Locate the original will. If you only find a copy, prepare to prove the original’s terms under the lost […]
Read article →What Rights Does a Life Estate Grant to a Lifetime Beneficiary in Oregon and How Is a Remainder Interest Determined?
Detailed Answer Under Oregon law, a life estate gives the lifetime beneficiary ("life tenant") the right to possess, use, and enjoy the property for the duration of their life. This includes collecting rents, profits, crops, and other income generated by the property. The life tenant may lease, mortgage, or insure the property, but must avoid […]
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