When a family member passes, the remaining family must come together to see what should be done with the items left behind. Legally, a will and a small estate affidavit can make these decisions easier as they are prepared by the owner before death. If you or someone you know is looking to get their assets in order, read on to learn more about a small estate affidavit Beaverton OR.
What is a Small Estate Affidavit?
A small estate affidavit, along with a will, allows a person’s property to be transferred per their wishes upon their death. By listing all the properties and receivers in the affidavit, the property can be distributed without a lengthy court process. In Oregon, these affidavits can only be filed if the personal property equals less than $75,000 and real property is valued at less than $200,000. Personal property includes any holdings within a bank and vehicles that are paid off. Real property typically includes land a person owned upon their passing.
What Happens When There’s No Will?
If there is no will with the small estate affidavit, the deceased’s property may be split in different ways. The following three scenarios only apply if there is a spouse:
- Spouse but no children/grandchildren: All assets to the spouse.
- Spouse with all children shared with the deceased: All assets to the spouse.
- Spouse with some children shared with the deceased: 50% of assets to the spouse and 50% to the children.
When children are involved, the affidavit will split the assets equally between the children. If any child had died during the course of the marriage, the amount that the child would have received will be split evenly between the surviving children.
When planning for the future, it is a good idea to think about how to provide for a family when you’re gone. By having a proper will and a small estate affidavit prepared, you can bring extra security to your family’s future.