summary
Introduced
01/13/2025
01/13/2025
In Committee
05/28/2025
05/28/2025
Crossed Over
04/03/2025
04/03/2025
Passed
06/04/2025
06/04/2025
Dead
Introduced Session
2025 Legislative Measures
Bill Summary
The statement includes a measure digest written in compliance with applicable readability standards. Digest: The Act changes how to calculate the fair market values of assets for some es- tates. (Flesch Readability Score: 67.5). Digest: The Act expands the list of estates that can use the simple estate process and changes how the values of those estates are added up. The Act also keeps the current probate filing fees for the new type of simple estates. (Flesch Readability Score: 70.4). Expands the types of estates that may use the simple estate process to administer a decedent’s es- tate. Modifies the calculation of fair market values of assets and retains application of the current probate filing fees for the new type of simple estates. Directs the State Court Administrator to adjust asset value limitations for the new type of simple estates annually for inflation. Modifies calculations of the fair market value of simple estate assets by excluding the values of manufactured homes from the asset limits for personal property and including the values of manufactured homes in the assets limits for real property.
AI Summary
This bill modifies the rules for simple estate administration in Oregon by changing how the fair market value of assets is calculated for estates. Specifically, the bill separates manufactured homes from other personal property when calculating asset limits for simple estate affidavits. Under the new law, up to $75,000 of personal property (excluding manufactured homes) and up to $200,000 of real property and manufactured homes can be included in a simple estate. The bill also provides a clear definition of a "manufactured home" as a movable residential structure built according to federal safety standards. For estates where the deceased left a will, the bill allows certain assets to be devised to a trust while still qualifying for the simple estate process. The fair market value of assets will be determined either at the date of death or within 45 days before filing the affidavit if the death occurred more than a year earlier. These changes will apply to estates of decedents dying on or after the effective date of the act, and the bill includes provisions for potential interactions with other pending legislation.
Committee Categories
Justice
Sponsors (4)
Last Action
Third reading. Carried by Mannix. Passed. Ayes, 50; Excused, 6--Andersen, Gamba, Levy B, Nguyen D, Nguyen H, Wallan; Excused for Business of the House, 3--Boice, McIntire, Speaker Fahey. (on 06/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
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