Oregon Statutes 114.510 – Simple estate criteria
(1) A person who meets the requirements of ORS § 114.515 may file a simple estate affidavit only with regard to an estate in which:
Terms Used In Oregon Statutes 114.510
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Decedent: A deceased person.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Testate: To die leaving a will.
- Trustee: A person or institution holding and administering property in trust.
(a)(A) Not more than $75,000 of the fair market value of the estate is attributable to personal property; and
(B) Not more than $200,000 of the fair market value of the estate is attributable to real property; or
(b) The decedent died testate and:
(A) Not more than $75,000 of the fair market value of the estate is attributable to specifically devised personal property;
(B) Not more than $200,000 of the fair market value of the estate is attributable to specifically devised real property; and
(C) The balance of the fair market value of the estate is attributable to property that is devised to the trustee of a trust of which the decedent was a settlor, as defined in ORS § 130.010, and which came into existence prior to the decedent’s date of death.
(2)(a) The fair market value of the estate under subsection (1) of this section shall be determined:
(A) As of the date of death; or
(B) If the date of death is more than one year before the date of filing of the affidavit, as of a date within 45 days before the filing of the affidavit.
(b) In determining fair market value under this subsection, the fair market value of the entire interest in the property included in the estate shall be used without reduction for liens or other debts. [2019 c.165 § 3; 2023 c.17 § 2]