Oregon Statutes 125.440 – Acts conservator may perform only with court approval
A conservator may perform the following acts only with prior court approval:
Terms Used In Oregon Statutes 125.440
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Conservator: means a person appointed as a conservator under the provisions of this chapter. See Oregon Statutes 125.005
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Incapacitated: means a condition in which a person's ability to receive and evaluate information effectively or to communicate decisions is impaired to such an extent that the person presently lacks the capacity to meet the essential requirements for the person's physical health or safety. See Oregon Statutes 125.005
- Inter vivos: Transfer of property from one living person to another living person.
- Intestate: Dying without leaving a will.
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Protected person: means a person for whom a protective order has been entered. See Oregon Statutes 125.005
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Tenancy by the entirety: A type of joint tenancy between husband and wife that is recognized in some States. Neither party can sever the joint tenancy relationship; when a spouse dies, the survivor acquires full title to the property.
- Testate: To die leaving a will.
(1) Convey or release contingent or expectant interests of the protected person in property, including marital property rights and any right of survivorship incident to joint tenancy or tenancy by the entirety.
(2) Create revocable or irrevocable trusts of property of the estate. A trust created by the conservator may extend beyond the period of disability of the protected person or beyond the life of the protected person. A trust created by the conservator must be consistent with the will of the protected person or any other written or oral expression of testamentary intent made by the protected person before the person became incapacitated. The court may not approve a trust that has the effect of terminating the conservatorship unless:
(a) The trust is created for the purpose of qualifying the protected person for needs-based government benefits or maintaining the eligibility of the protected person for needs-based government benefits;
(b) The value of the conservatorship estate, including the amount to be transferred to the trust, does not exceed $50,000;
(c) The purpose of establishing the conservatorship was to create the trust; or
(d) The conservator shows other good cause to the court.
(3) Exercise rights of the protected person to elect options and change beneficiaries under insurance and annuity policies and to surrender the policies for their cash value.
(4) Disclaim any interest the protected person may have by testate or intestate succession, by inter vivos transfer or by transfer on death deed.
(5) Authorize, direct or ratify any annuity contract or contract for life care.
(6) Revoke a transfer on death deed. [1995 c.664 § 42; 2007 c.62 § 1; 2011 c.212 § 28]