Oregon Revised Statutes Chapter 118 § 118.016 — Oregon

Oregon special marital property election; rules; form. (1) The executor of an estate containing property that the executor seeks to qualify as Oregon special marital property under ORS 118.013 shall make an election under this subsection in order for the property to be Oregon special marital property. The election shall be made: (a) By attaching a statement to the estate tax return for the estate of the decedent that identifies the trust or other property interest that constitutes Oregon special marital property and that affirms that the identified property meets the requirements of Oregon special marital property under ORS 118.013 and will be administered as required under ORS 118.013; or (b) In such other manner as the Department of Revenue prescribes by rule. (2) For a trust or other property interest described in ORS 118.013 (3), in order for any portion of the trust or other property interest to be Oregon special marital property, in addition to the election of the executor described in subsection (1) of this section, the surviving spouse and each permissible distributee who may be eligible for a distribution from the trust or other property interest shall make an election and provide written consent that is in substantially the following form: ______________________________________________________________________________ CONSENT TO ESTABLISHMENT OF OREGON SPECIAL MARITAL PROPERTY (a) ELECTION TO BE SIGNED BY ALL PERMISSIBLE DISTRIBUTEES EXCEPT THE SURVIVING SPOUSE: Each of the undersigned acknowledge and consent to a portion of the ____________ (name of trust or other property interest) being set aside as a separate share or trust in order to qualify for the Oregon special marital property election in accordance with ORS 118.013, for the primary purpose of reducing or eliminating the Oregon estate tax due on the estate of ____________ (name of decedent). The undersigned together with the surviving spouse constitute all of the persons living on the date of this election who may be entitled to a distribution during the lifetime of the surviving spouse from the ___________ (name of trust or other property interest). Each of the undersigned, both on behalf of the undersigned and on behalf of the unborn lineal descendants of the undersigned, irrevocably agrees to release all rights to any current interest in the Oregon special marital property during the lifetime of the surviving spouse. Each of the undersigned agrees that all other provisions of the _________ (name of trust or other property interest) shall remain in effect and that, upon the death of the surviving spouse, any remaining Oregon special marital property shall be distributed as otherwise provided in the trust or other property interest. Signature of: _________ (permissible distributee) Signature of: _________ (permissible distributee) (b) ELECTION TO BE SIGNED BY THE SURVIVING SPOUSE: I am the surviving spouse of ____________ (name of decedent). I acknowledge and consent to a portion of the ____________ (name of trust or other property interest) being set aside as a separate share or trust in order to qualify as Oregon special marital property under ORS 118.013, for the primary purpose of reducing or eliminating the Oregon estate tax due on the estate of ____________ (name of decedent). I, together with all of the other individuals executing the election in accordance with ORS 118.013, constitute all of the persons living on the date of this election who are permissible distributees or who may be entitled to a distribution from the Oregon special marital property to which this election applies. I agree that all other terms, conditions and provisions that apply to the ____________ (name of trust or other property interest) shall apply to the Oregon special marital property to which this election applies, and that upon my death, any remaining Oregon special marital property shall be distributed as otherwise provided in the trust or other property interest. Signature of: ____________ (surviving spouse) SUBSCRIBED AND SWORN TO before me this _____ day of _____, 2_____. _______________ Notary Public of Oregon My commission expires: _________ ______________________________________________________________________________ (3) Elections made under this section are irrevocable. (4) The custodial parent or court appointed guardian of a permissible distributee who is a minor, or any person who is authorized under ORS 130.110, may sign the election on behalf of the permissible distributee and the unborn lineal descendants of the permissible distributee. [2005 c.124 §3; 2011 c.526 §5]