128.392] ����� 130.570 Advancement against share of trust. Property that the settlor gives during the settlor�s lifetime to a beneficiary of the trust is an advancement against the beneficiary�s s

128.392]

����� 130.570 Advancement against share of trust. Property that the settlor gives during the settlor�s lifetime to a beneficiary of the trust is an advancement against the beneficiary�s share of the trust only if either the settlor makes a written statement that the property constitutes an advancement or the beneficiary makes a written statement acknowledging that the property constitutes an advancement. For purposes of applying the property against the beneficiary�s share of the trust, the property must be valued as of the time the beneficiary takes possession or enjoyment of the property, or as of the time of death of the settlor, whichever occurs first. [Formerly 128.395]

����� 130.575 Effect of advancement on distribution. (1) If the value of an advancement made to a beneficiary under ORS 130.570 exceeds the beneficiary�s share in the trust estate, the beneficiary shall be excluded from any further share of the trust estate, but the beneficiary is not required to refund any part of the advancement. If the value of the beneficiary�s share in the trust estate is greater than the value of all property received as advancements, the beneficiary is entitled to receive from the trust estate the balance of the share owing to the beneficiary after deducting all amounts received as advancements.

����� (2) For the purpose of determining the shares of the beneficiaries of either a residuary gift or a class gift under a trust, the value of all advancements made by the settlor to beneficiaries of such gift shall be added to the value of the total property distributed pursuant to the gift, the sum then divided among all beneficiaries of the gift, and the value of the advancement then deducted from the share of the beneficiary to whom the advancement was made. [Formerly