The Small Estate Affidavit recently became the Simple Estate Affidavit, making a revocable living trust an even more powerful estate planning tool in Oregon. Previously this procedure was a useful tool for administering an estate with probate assets valued at less than $200,000 in real property and $75,000 in personal property in a less cumbersome and protracted manner than a regular “full-blown” probate. With the passage of 2023 Oregon Senate Bill 308 and the change from “Small” to “Simple” on January 1st, however, it became useful for some larger estates with the proper planning as well: if the deceased set up a revocable living trust during his or her lifetime and a will is in place that gives all assets to that trust (what’s commonly referred to as a “pour-over” will), the Simple Estate Affidavit can now be used even if probate assets exceed the above limits in many cases. Before this change, accidentally leaving assets like a house out of a trust could trigger a full-blown probate even after setting up an estate plan. Now, assuming that you’ve set up a revocable living trust and a pour-over will, even if an Oregon asset like a new house somehow accidentally never gets transferred to your trust, a full-blown probate can likely be avoided by making use of the new Simple Estate Affidavit—making a trust an even more valuable tool in your comprehensive estate plan.
Specific circumstances vary, however, and details matter—so always consult with an attorney before proceeding with a Simple Estate Affidavit or developing an estate plan relying on the Simple Estate Affidavit procedure to ensure your unique needs are met.
Please contact us if you would like to set up an appointment to explore your options.