Oregon Real Estate Ownership FAQs

No.

A deed documents ownership or an interest in real property. A will provides instructions that may affect what happens to property after death and generally works through estate administration. A trust is a separate legal arrangement that may hold or control property according to its terms.

These documents can interact, but they do not serve the same purpose.

Not necessarily.

A will by itself does not generally remove property from probate simply because the will says who should receive it.

What happens after death depends on how the property is owned, applicable survivorship rights, trusts or other arrangements and the circumstances at the time of death.

Estate-planning questions should be addressed with an Oregon estate-planning attorney.

A properly established and funded trust may affect whether particular property is handled through probate, but simply creating a trust document does not automatically mean every asset has been properly transferred into it.

The trust terms, deed and circumstances matter.

An attorney should advise you about whether a trust fits your goals and whether real property has been properly transferred.

That is a legal, tax, liability and financial planning decision — not simply a real estate decision.

An LLC may make sense in some situations and not in others. Financing, insurance, taxes, management, liability and estate planning can all be affected.

I can explain how ownership may affect a future real estate transaction, but I do not recommend that someone create an LLC or transfer property into one. Discuss that decision with the appropriate attorney, CPA, lender and insurance professional.

The person signing must have authority to act for the LLC.

Title/escrow and other professionals may need to review organizational or authority documents to confirm who is authorized to sign.

Do not assume that simply being a member of an LLC automatically answers every signing-authority question.

The answer depends on how title is held and the circumstances.

Co-owners may have different rights and obligations depending on the form of ownership and any agreements affecting the property.

Before listing, I want title and signing authority understood so we know who needs to participate in the transaction.

It is a form of ownership that includes survivorship rights, meaning a deceased owner’s interest may pass to the surviving joint tenant or tenants rather than through the deceased owner’s estate, assuming the ownership was properly established and remains effective.

The actual deed and circumstances should be reviewed rather than relying on someone’s recollection of how title was held.

Do not make that decision solely as a way to simplify a future real estate transaction.

Adding someone to title can have legal, tax, creditor, financing, estate-planning and control consequences.

Before changing ownership, speak with the appropriate Oregon attorney and tax professional about the consequences for your specific situation.

Find out before making assumptions.

Title records and the recorded deed can help establish how ownership is currently shown. Depending on the circumstances, title/escrow or an attorney may need to review the documents and explain what is required for a sale.

I prefer resolving ownership and authority questions before we are trying to close a transaction.