Does the thought of going through the Oregon probate process stress you out? It’s not out of the ordinary for families to feel this way when they’re still mourning the losses of loved ones. Touch base with Rockpoint Probate Funding to discover how we can assist you during a difficult time.
The Oregon Probate Process
Just because your loved one left a will behind dictating what they wanted your family to do with their assets doesn’t mean you can start giving out inheritances as soon as they die. You’ll need to navigate the Oregon probate process in many instances.
The probate process in Oregon is designed to help families split up a loved one’s assets while reducing the risks of fraud or theft. Keep reading to find out what to expect when you file probate paperwork.
Does Oregon Require Probate?
The probate process in Oregon is usually required, though this rule has some exceptions. For example, if your loved one died and left behind personal property worth less than $50,000 and/or real property worth less than $150,000, you can file a small estate affidavit in Oregon to steer clear of the probate process.
However, if you don’t check one of these boxes, your family will typically have no choice but to go through the probate process in Oregon. It’s the only way to ensure your loved one’s assets are distributed properly within the limits of the state’s estate laws.
How Long Will I Have To File Probate in Oregon?
Unless extenuating circumstances prevent the executor of your loved one’s will from filing probate paperwork in Oregon, they should attempt to do it as soon as possible. The sooner you and your family start the probate process, the sooner you can start splitting up your loved one’s assets and distributing them.
You’ll have about 30 days to file probate in Oregon, though you’re also welcome to start sooner than that if your family is up to the challenge. Not all families are mentally prepared to begin the process right after losing a loved one.
Can I Avoid the Oregon Probate Process?
You may be able to avoid the probate process in Oregon if your loved one didn’t leave many valuable assets behind. But this is just one instance where your family can avoid walking through the sometimes painstaking probate process.
You can also look into skipping the probate process if your loved one chose to create a living trust while doing estate planning. This makes it possible for certain assets, like bank accounts and life insurance policies, to transfer to your loved one’s beneficiaries automatically.
How Long Does the Probate Process Take in Oregon?
The Oregon probate process involves various steps. Your family must file the proper probate paperwork, make lists of your loved one’s assets and debts, pay off any back taxes, and settle any disputes among family members before asset distribution begins.
For this reason, it’s tricky trying to pinpoint when the probate process will end. Some families can iron out the details of a loved one’s will within just a few months, while others spend years taking part in seemingly endless legal battles in probate court.
What Can I Do To Steer Clear of Delays During the Oregon Probate Process?
If your family wants to avoid delays during the probate process in Oregon, there are ways to do it effectively. Here are several suggestions for families who don’t want to be stuck in legal limbo once the probate process starts:
- Present the right paperwork to an Oregon probate court, including an original copy of a loved one’s will.
- Begin listing a loved one’s assets as soon as possible and call a professional to help appraise them.
- Hash out family disputes over a loved one’s will at home as opposed to allowing them to spill into a courtroom.
You might still endure some delays during the probate process in Oregon, no matter how hard you work to avoid them. But you can minimize their impact by taking these steps.
What Should I Do If My Loved One Dies Without a Will in Oregon?
Families should encourage their loved ones to create wills since dying without one can cause many complications for those left to deal with the aftermath. If your loved one dies without a will, you’ll need to adhere to the guidelines that exist in Oregon’s intestate succession laws.
In this case, the state will appoint an executor to look after your loved one’s estate and potentially reward them with executor compensation for doing it. The state will also take charge when it’s time to distribute your loved one’s assets to their next of kin, often in this order:
- Spouse
- Children
- Parents
- Siblings
Does Oregon Have an Estate or Inheritance Tax?
Oregon has no estate or inheritance tax unless a person’s estate is valued at over $1 million. If it tops this mark, Oregon has a graduated estate tax rate between 10 and 16%.
Is There Any Way To Access an Inheritance Before the Oregon Probate Process Concludes?
You can obtain an advance against an inheritance you’re anticipating before the end of the probate process in Oregon through Rockpoint Probate Funding. We make it simple for people to receive inheritances when the probate process drags on for too long. Just take these steps:
- Set up a free consultation with Rockpoint Probate Funding to learn all about probate cash advances.
- Deliver your loved one’s will and probate paperwork to Rockpoint Probate Funding for evaluation.
- Qualify for a probate cash advance and collect funds within 24 hours in many cases.
- Pay back a probate cash advance with proceeds from an inheritance at a later date.
Let Rockpoint Probate Funding Provide You With a Probate Cash Advance Today
Do you want to avoid having to worry about finances while grieving a loved one’s loss? Rockpoint Probate Funding simplifies the Oregon probate process by extending probate cash advances. Call us at (888) 263-8588 for more information on how they work.