Chapter 62
AN ACT
HB 2360
Relating to conservatorships; creating new provisions; and amending ORS
125.440.
Be It Enacted by the People of
the State of
SECTION 1. ORS 125.440 is amended to read:
125.440. A conservator
may perform the following acts only with prior court approval:
(1) Convey or release
contingent or expectant interests of the protected person in property,
including marital property rights and any right of survivorship incident to
joint tenancy or tenancy by the entirety.
(2) Create revocable or
irrevocable trusts of property of the estate. A trust created by the
conservator may extend beyond the period of disability of the protected person
or beyond the life of the protected person. A trust created by the conservator
must be consistent with the will of the protected person or any other written
or oral expression of testamentary intent made by the protected person before
the person became incapacitated. The court may not approve a trust that has the
effect of terminating the conservatorship unless:
(a) The trust is created
for the purpose of qualifying the protected person for needs-based government
benefits or maintaining the eligibility of the protected person for needs-based
government benefits;
(b) The value of the
conservatorship estate, including the amount to be transferred to the trust,
does not exceed $50,000;
(c) The purpose of
establishing the conservatorship was to create the trust; or
(d) The conservator
shows other good cause to the court.
(3) Exercise rights of
the protected person to elect options and change beneficiaries under insurance
and annuity policies and to surrender the policies for their cash value.
(4) Disclaim
any interest the protected person may have by testate or intestate succession
or by inter vivos transfer.
(5) Authorize, direct or
ratify any annuity contract or contract for life care.
SECTION 2. The amendments to ORS 125.440 by section 1
of this 2007 Act apply to conservatorships established
prior to, on or after the effective date of this 2007 Act.
Approved by the Governor April 17, 2007
Filed in the office of Secretary of State April 17, 2007
Effective date January 1, 2008
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