What to Know About Oregon’s Elective Share Laws in Estate Planning

Understanding Oregon’s elective share laws is crucial for individuals engaged in estate planning. These laws ensure that a surviving spouse has the right to claim a portion of the deceased spouse's estate, even if the deceased chose to exclude them from their will. In Oregon, the elective share can serve as a protective measure, enabling spouses to retain their financial stability in the event of a partner’s passing.

Oregon law stipulates that a surviving spouse has the right to claim a share of the deceased spouse's estate equal to one-half of the value of the estate. This means that even if the deceased spouse's will designates all assets to children or other beneficiaries, the surviving spouse can choose to claim their elective share instead. This provision can significantly impact estate planning strategies, making it essential to address in any comprehensive estate plan.

The elective share applies to both probate and non-probate assets. Probate assets include any property that was owned solely by the deceased, while non-probate assets cover items such as life insurance policies and retirement accounts that have designated beneficiaries. Therefore, it is vital for estate planners to consider all types of assets when crafting a will or estate plan.

To exercise this right, the surviving spouse must file a claim for the elective share within a specific timeframe, generally within nine months following the deceased spouse's death. Failure to do so could result in losing the entitlement to the elective share, underscoring the need for timely action.

Another aspect to consider in Oregon’s elective share laws is the notion of community property, which can also influence the calculation of the elective share. Assets acquired during the marriage may be considered community property and typically belong equally to both spouses, regardless of how the estate is structured.

It’s important for individuals engaging in estate planning in Oregon to consult with an estate planning attorney. These professionals can provide insights into how the elective share laws apply to specific situations, helping to create a tailored approach that respects the wishes of the deceased while protecting the financial interests of the surviving spouse.

Finally, as family dynamics can change, periodic reviews of estate plans are advisable. Life events such as divorce, remarriage, or changes in the financial landscape can impact the effectiveness of an estate plan. Staying informed and revisiting these plans can help ensure compliance with Oregon’s elective share laws and protect family interests in the long run.