Transfer on Death Deed
Oregon is one of eleven states that allow you to file a deed with the county clerk that transfers real property on your death. These deeds are fully revocable during your lifetime and do not interfere with your ability to sell the property during your lifetime. However, if not revoked before death, the real estate will automatically transfer to the individual(s) designated in the deed without any probate proceeding. Such deeds are useful, especially if you own real estate in multiple states. Historically, if you owned real property in one or more states that were not your home state, your personal representative would need to open an ancillary probate proceeding in every state in which you owned real property that was not your home state. If your only asset in a particular state is real property, a transfer on death deed will enable your personal representative to avoid the time and expense of filing an ancillary probate proceeding.
Please Note: If you do not live in Oregon, but own real estate in Oregon, you may be subject to Oregon estate taxes even if you do not have more than $1 million in Oregon assets. Oregon looks to your worldwide assets to determine whether Oregon estate taxes should be imposed and then imposes the tax on your Oregon assets. Because of this, if your worldwide assets are more than $1 million and you own any propery in Oregon, you will be subject to Oregon estate taxes. This result can be avoided with proper planning.