For purposes of ORS 114.600 to 114.725, a decedents nonprobate estate consists of the property described in ORS 114.665 that is not included in the decedents probate estate and that does not constitute a transfer to the decedents surviving spouse. The value of the decedents nonprobate estate is reduced by all debts and liabilities of the decedent that are not paid in probate, and by all costs of administering the decedents nonprobate estate that are incurred for the purpose of settling claims against the nonprobate estate and distributing the nonprobate estate property to the persons entitled to that property.
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