What is a Small Estate Affidavit?
In some cases, a less expensive and time-consuming process is available to administer simpler estates. If a decedent’s probate assets (excluding accounts passing by beneficiary designation, such as, retirement accounts, life insurance policies, and some bank accounts) fall within the small estate requirements, a full probate may not be necessary to distribute the decedent’s assets. The small estate requirements for 2019 in Oregon are:
(1) Less than $75,000 in personal property; and
(2) Less than $200,000 in real property.
Your attorney can help you determine whether an estate meets the requirements for a small estate affidavit and whether a small estate affidavit would be appropriate for a loved one’s estate. Sometimes an estate falls within the small estate limits but a probate is necessary or advisable. Your attorney can help you determine whether a probate makes sense for a particular estate.