Forfeit ability to decide how estate assets are handled

Oregon intestate succession laws determine distribution of assets

Also forfeit ability to appoint executor

Anyone can petition to become personal representative of your estate if you die intestate

Same duties and responsibilities as executor

Executor must identify, locate, secure, and value all of your estate assets

After your death, assets must be secured

Date of death value must also be ascertained down the road

An inventory may be required by the court handling the probate

One function of probate is to allow creditors of the estate to file claims

Executor must publish notice of probate in a local newspaper

Executor must review all claims

Approved claims are paid out of estate assets

Executor must defend estate during any litigation

Will contest or creditor claim could result in litigation

Executor essentially stands in your shoes

Your executor fails to secure estate assets in a timely fashion and some are lost forever

Your executor fails to hire an attorney to help, or waits too long to hire one, wasting time and

money because of mistakes made in the absence of professional advice

Your executor pays creditor claims that shouldn’t have been paid, wasting estate assets

Your executor sells priceless family heirlooms to provide liquidity

Your executor allows real property owned by the estate to deteriorate during the probate

process, diminishing the value for beneficiaries

Your executor makes a costly mistake on your estate tax return, or fails to file one, costing the

estate thousands in penalties and fines

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