OR Bar Wills Trusts and Estates 5

Question 1

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

Accepted Answer

4 months

Answer

30 days

Answer

60 days

Answer

1 year

Question 2

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

Accepted Answer

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

Answer

Distributes estate assets equally among all named beneficiaries by default

Answer

Converts revocable trust assets into probate assets to satisfy creditor claims

Answer

Allows the personal representative to direct assets into any beneficiary accounts

Question 3

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

Accepted Answer

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

Answer

Specific bequests first, then demonstrative, then general, then residuary

Answer

All bequests abate proportionally regardless of type

Answer

Charitable bequests are always exempt from abatement

Question 4

Ademption by extinction occurs when:

Accepted Answer

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

Answer

A named beneficiary predeceases the testator and leaves no surviving issue

Answer

A general bequest cannot be funded because of insufficient estate assets

Answer

A testator expressly revokes a specific bequest by executing a codicil before death

Question 5

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

Accepted Answer

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

Answer

A durable POA must be recorded with the county recorder to take effect

Answer

A durable POA requires a court-appointed conservator to activate its powers

Answer

A durable POA automatically converts to a guardianship upon the principal's incapacity

Question 6

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

Accepted Answer

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

Answer

Distribute assets to beneficiaries, then pay creditors, then file tax returns

Answer

Pay funeral expenses only, then immediately distribute to beneficiaries

Answer

File the will with the court, then distribute proportionally to all creditors and beneficiaries simultaneously

Question 7

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

Accepted Answer

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

Answer

Make both financial and health care decisions for a principal who is incapacitated

Answer

Override the principal's specific written instructions in the directive if the representative believes it is medically advisable

Answer

Only consent to surgical procedures; all other medical decisions require court approval