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

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.

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

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.

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

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

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

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

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

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.

(OR Bar) Oregon Bar Exam Practice Test

(OR Bar) Oregon Bar Exam Practice Test

OR Bar Wills Trusts and Estates 5