74th OREGON LEGISLATIVE ASSEMBLY--2007 Regular Session
 
 
                            Enrolled
 
                         House Bill 2360
 
Ordered printed by the Speaker pursuant to House Rule 12.00A (5).
  Presession filed (at the request of House Interim Committee on
  Judiciary for Oregon State Bar Elder Law Section)
 
 
                     CHAPTER ................
 
 
                             AN ACT
 
 
Relating to conservatorships; creating new provisions; and
  amending ORS 125.440.
 
Be It Enacted by the People of the State of Oregon:
 
  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. + }
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Enrolled House Bill 2360 (HB 2360-INTRO)                   Page 1
 
 
 
 
 
Passed by House February 20, 2007
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate March 26, 2007
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2360 (HB 2360-INTRO)                   Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2007
 
Approved:
 
......M.,............., 2007
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2007
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 2360 (HB 2360-INTRO)                   Page 3