Probate Law & Land Bonds

During the process of probate, a court of law oversees the distribution of a deceased person's estate and assets as dictated by a will. Though probate is not always necessary, it is needed when the deceased leaves bonds of any kind, including land bonds.

Probate Process

The probate process starts with the selection of a personal representative. Often this representative is specified in the will, but if not, she is selected by the court. This representative then pays any debts and taxes left by the deceased person and divides assets amongst any heirs. An account of all this is submitted to the court, the heirs and any other people named in the will.

Necessity

Probate is necessary in the case of disputes over the deceased's will or non-willed assets, as well as to collect any debts that may have been owed to the deceased person. It is also needed to transfer the title of any stocks, bank accounts or bonds owned by the deceased individually to any heirs or beneficiaries.

Land Bonds

A land bond is a bond issued by a bank for the purpose of investing in land. If a deceased person owned a land bond individually, probate is necessary to transfer ownership of said bond to any beneficiaries. The exception to this rule comes into effect when the bond has a P.O.D. (or payable on death) designation, in which case the designated beneficiary is paid the full amount of the bond.

References

• Oregon State Bar: Probate Court
• Jean Galloway Ball, P.L.C.: Probate Process