Oregon Statutes 112.135 – When gift is an advancement; valuation of advancement
(1)(a) If a person dies intestate as to all or part of the estate of the person, property that the person gives during the lifetime of the person to an heir is treated as an advancement against the heir’s share of the estate if declared in writing by the decedent or acknowledged in writing by the heir to be an advancement.
Terms Used In Oregon Statutes 112.135
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Decedent: A deceased person.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Intestate: Dying without leaving a will.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Probate: Proving a will
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Testate: To die leaving a will.
- Testator: A male person who leaves a will at death.
(b) For purposes of applying the gift against the heir’s share of the intestate estate, the property advanced must be valued as of the time the heir came into possession or enjoyment of the property or as of the time of death of the decedent, whichever occurs first, unless otherwise directed in the decedent’s writing.
(2)(a) Except as provided in ORS § 112.385, property that a testator gives during the testator’s lifetime to a devisee is treated as an advancement of the devisee’s share in whole or in part if:
(A) The will provides for deduction of the gift;
(B) The testator declared in writing that the gift is in satisfaction of the devise or that its value is to be deducted from the value of the devise; or
(C) The devisee acknowledges in writing, before or after the testator’s death, that the gift was made in satisfaction of the devise or that its value was to be deducted from the value of the devise.
(b) For purposes of applying the gift against the devisee’s share of the testate estate, the property advanced must be valued as of the time the devisee came into possession or enjoyment of the property or as of the time of the testator’s death, whichever occurs first, unless otherwise directed in the testator’s will or a writing described in paragraph (a)(B) of this subsection.
(3)(a) Property not subject to probate administration, the transfer of which is intended by the decedent to take effect on death, is treated as an advancement against the heir’s share of the estate or the devisee’s devise under the will if declared in writing by the decedent, or acknowledged in writing by the heir or devisee, to be an advancement. Examples of transfers under this subsection include but are not limited to beneficiary designation, right of survivorship and transfer on death deed or transfer on death designation.
(b) The property transferred under this subsection must be valued as of the time of the decedent’s death, unless otherwise directed in the testator’s will or in a writing by the decedent. [1969 c.591 § 30; 2016 c.42 § 8]