For purposes of ORS § 114.600 to 114.725, a decedent‘s nonprobate estate consists of the property described in ORS § 114.665 that is not included in the decedent’s probate estate and that does not constitute a transfer to the decedent’s surviving spouse. The value of the decedent’s nonprobate estate is reduced by all debts and liabilities of the decedent that are not paid in probate, and by all costs of administering the decedent’s nonprobate estate that are incurred for the purpose of settling claims against the nonprobate estate and distributing the nonprobate estate property to the persons entitled to that property. [2009 c.574 § 11; 2011 c.305 § 2]

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