Wills Trusts and Estates Flashcards

Under Oregon's probate code, how long do creditors generally have to file claims after the first publication of notice to creditors?

Answer: 4 months

Under ORS 115.005, creditors must file claims within 4 months of the first publication of notice to creditors, or within 30 days of actual notice, whichever is later.

A pour-over will in estate planning is a will that:

Answer: Transfers assets remaining in the probate estate into a previously created revocable living trust at death

A pour-over will directs that any assets in the testator's probate estate at death be transferred into, and administered under, a previously established revocable living trust.

When an estate has insufficient assets to satisfy all bequests, in what order does abatement generally occur?

Answer: Residuary bequests first, then general, then demonstrative, then specific bequests last

Abatement reduces bequests in reverse order of specificity: residuary first, general second, demonstrative third, and specific bequests are reduced last.

Ademption by extinction occurs when:

Answer: Property that was specifically bequeathed is no longer part of the testator's estate at the time of death

Ademption by extinction happens when the testator no longer owns specifically devised property at death, causing that specific bequest to fail.

What distinguishes an Oregon durable power of attorney for finances from a conventional (non-durable) power of attorney?

Answer: A durable POA remains effective despite the principal's subsequent incapacity, while a conventional POA terminates upon incapacity

The 'durable' designation means the power of attorney survives the principal's incapacity, which is the opposite of a conventional power that terminates upon incapacity.

What is an Oregon personal representative's correct priority of duties in estate administration?

Answer: Marshal estate assets, pay valid claims and taxes in proper order, then distribute remaining assets per will or intestacy

The personal representative must first collect and protect assets, then satisfy valid creditor claims and tax obligations in proper priority, and finally distribute the net estate to beneficiaries.

Under Oregon's advance directive law, a designated health care representative may:

Answer: Make health care decisions consistent with the principal's wishes, including decisions to withhold or withdraw life-sustaining treatment

An Oregon health care representative is authorized to make health care decisions, including end-of-life decisions, guided by the principal's stated wishes in the advance directive.