Revocable Living Trusts in Oregon

Oregon has adopted the Oregon Uniform Trust Code (ORS chapter 130). A trust is created only if the settlor has capacity, indicates an intention to create the trust, the trust has a definite beneficiary (or is a charitable, animal-care, noncharitable-purpose or stewardship trust), the trustee has duties to perform, and the same person is not the sole trustee and sole beneficiary. A person who has capacity to make a will has capacity to create, amend or revoke a revocable trust. Unless the terms expressly say the trust is irrevocable, the settlor may revoke or amend it. An oral trust must be established by clear and convincing evidence. Property transferred to the trustee passes under the trust terms at death without probate; assets left in the decedent's name may still need probate or a simple estate affidavit (a will that leaves everything to an existing trust can let a larger estate qualify for the affidavit).

Non-probate transfers available in Oregon: (1) Transfer on death deed for real estate, recorded before death (ORS 93.948 to 93.985). (2) Joint accounts with survivorship and P.O.D. accounts at insured institutions; sums in a joint account are presumed to belong to the surviving party, and transfers on death under these accounts are not testamentary (ORS 708A.470, 708A.480, 708A.495). (3) Transfer-on-death registration of securities (Uniform TOD Security Registration Act, ORS 59.535 to 59.585). (4) Vehicles titled with survivorship pass to the surviving owner on proof of death (Oregon DMV). (5) Simple estate affidavit for estates with no more than $75,000 of personal property and $200,000 of real property (ORS 114.505 to 114.560). (6) Revocable living trust (ORS chapter 130).