Oregon Gift of Stock to Spouse for Life with Remainder to Children
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How to fill out Gift Of Stock To Spouse For Life With Remainder To Children?
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FAQ
Under Oregon law, the legislature has enacted important statutes to protect surviving spouses from being disinherited. A surviving spouse's right to an elective share is not automatic under Oregon law. A surviving spouse must file a motion for the exercise of the elective share within nine months after the spouse dies.
The order of the hierarchy starts with your spouse (if you are married), then your children, your grandchildren, your parents, your siblings, aunts and uncles, cousins, and so on. If you have absolutely no surviving relatives, the State of Oregon inherits from you.
Simply put, if you have a legally binding will when you pass away then the dictates of that document will determine what happens to your assets- so if you have listed your spouse as sole beneficiary, they will receive everything, or exactly how much you have given to them in the will.
As to how the term relates to real property, joint tenancy was abolished by state statute. The use of that term will create a tenancy in common. In place of this common term, there is language for the legal creation of a survivorship estate between two or more persons who are not married.
According to federal tax law, if an individual makes a gift of property within 3 years of the date of their death, the value of that gift is included in the value of their gross estate. The gross estate is the dollar value of their estate at the time of their death.
Effective January 1, 2012, Oregon law provides for a new form of deed known as a transfer on death (TOD) deed. These deeds allow an owner of real property to designate a beneficiary who will obtain title to that real property when the owner dies, without having to go through probate (subject to some exceptions).
If you own property jointly with someone else, and this ownership includes the "right of survivorship," then the surviving owner automatically owns the property when the other owner dies. This is called a "survivorship estate" in Oregon.
Under Oregon inheritance laws, If you have a spouse but no descendants (children, grandchildren), your spouse will inherit everything. If you have children but no spouse, your children will inherit everything. If you have a spouse and descendants (with that spouse), your spouse inherits everything.
The three-year rule prevents individuals from gifting assets to their descendants or other parties once death is imminent in an attempt to avoid estate taxes.
While many people assume surviving spouses automatically inherit everything, this is not the case in California. If your deceased spouse dies with a will, their share of community property and their separate property will be distributed according to the terms of that will, with some exceptions.
