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brchiz

Oregon Probate Question

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My grandmother passed away last week and we are trying to determine if her estate needs to go through probate or what we need to do.

 

She had about $110K in the bank plus a contract on a home she sold worth about $230K.  She lived in Jackson County Oregon.

 

The contract that she was holding is being serviced by a mortgage servicing company and needs to be transferred to the heirs.

 

Her will states that all assets are to be split evenly between the 4 heirs.

 

We are just looking for some direction on the next steps that we need to take.

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If the bank account had any beneficiaries listed than it would not have to be probated. if it didn't have beneficiaries listed then it does have to be probated because the bank won't transfer the account without probate.

 

The mortgage receivable account will have to be probated.

 

Here's a resource from the OR state bar that explains probate.

 

http://www.osbar.org/public/legalinfo/1117_Probate.htm

 

You can also go to the probate section of the county circuit court where your grandmother died and possibly get forms and instructions if you (or the person nominated in her will) want to handle it yourself. Here's a sample from Lane County's website:

 

http://courts.oregon.gov/Lane/Probate/Pages/ProbatePage.aspx

 

You can also read your state probate code in Volume 3 starting with Chapter 111:

 

https://www.oregonlegislature.gov/bills_laws/Pages/ORS.aspx

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The person(s) nominated to act as executor(s) in the will ought to consult with a probate attorney. That's not up for decision by those not nominated, and person(s) nominated don't need to debate.

Don't need an attorney to file the will with the court. This estate doesn't qualify for small estate admin process 'cause she had personal property worth more than $50k.

I wouldn't presume that estate debt will be such that the estate won't need to sell the contract for dough to cover debt. (Of course, one or more heirs are free to contemplate covering estate debt on their own so they can keep the contract asset if the numbers point to that being a good idea. But if the bank account designates pay on death beneficiary(ies), hopefully (s)he-they will understand there's no obligation to apply that dough toward estate debt.)

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