Oregon Probate Bonds,
Handled Simply.

Probate in Oregon is handled by the Circuit Court in each of the state's 36 counties, through its probate department. The Circuit Court appoints the personal representative, issues letters, and oversees administration. Oregon's probate code dates to 1969 and has been modernized in recent legislative sessions.

Oregon is not a Uniform Probate Code state. It administers estates under its own probate code in Chapters 111 through 116 of the Revised Statutes. The estate fiduciary is called the personal representative, an executor when named in a will and an administrator when appointed without one. The bond rule sits in ORS 113.105.

Oregon imposes its own estate tax with an exemption of $1,000,000, one of the lowest thresholds in the country, and rates from 10 to 16 percent. It is separate from the federal estate tax, so many middle-size Oregon estates owe state estate tax. Oregon has no inheritance tax.

When an Oregon bond is required, the amount is set by the Circuit Court under ORS 113.105:

• Court fixes the amount: The court fixes the bond in an amount it determines sufficient to protect the estate and its creditors, based on the value of the estate.
• Conditioned on faithful performance: The bond is conditioned on the personal representative faithfully performing the duties of the office.
• Reduced for restricted assets: The court may take into account assets placed where they cannot be reached without a court order when fixing or reducing the amount.
• Adjustable: The court may set, increase, reduce, or waive the bond as administration proceeds, and may act when later-discovered assets appear.

Oregon generally requires a bond before the personal representative acts, but ORS 113.105 lists clear exceptions. A bond is not required when:

• The will waives it: The testator provides in the will that no bond is required of the executor of the estate.
• The fiduciary is the sole heir or devisee: The personal representative is the sole heir or devisee of the estate.
• A named public fiduciary serves: The personal representative is the State Treasurer, the Department of Veterans' Affairs, the Director of Human Services, the Director of the Oregon Health Authority, or a person approved under the statute.
• No assets are known: The petition states that no assets of the estate are known, in which case a bond can be set later if assets appear.
• The court waives or reduces it: The court may waive or reduce the bond if the personal representative states the reasons for the waiver and describes the known creditors of the estate.

Qualifying in an Oregon estate follows the probate code and Circuit Court practice:

• Bond before acting: Under ORS 113.105, the personal representative may not act, and letters may not issue, until any required bond is filed, except where an exception applies.
• Filed with the Circuit Court: The bond is filed with the Circuit Court in the county where the estate is administered, and the court approves it.
• Right county: The estate is opened in the Circuit Court for the county where the decedent was domiciled at death.
• Inventory within 90 days: The personal representative files an inventory within 90 days after appointment, which can be the point at which the bond is set or adjusted.
• Later-discovered assets: Where no bond was required because no assets were known, the personal representative must move to set or waive bond within 30 days after an inventory first shows assets.
• Bond stays in force: When required, the bond remains in effect until the estate is settled and the court discharges the personal representative.

When an Oregon bond is required, the cost is a premium paid to the surety company. When the will waives bond or the representative is the sole heir, there may be no premium at all.

• Typical rate range: Most Oregon probate bonds are priced at roughly 0.5% to 1% of the bond amount per year for well-qualified applicants. A $100,000 bond commonly costs between $500 and $1,000 per year.
• Minimum premium: Many sureties apply a minimum premium of about $100 to $150 for small bonds.
• Credit impact: Applicants with strong credit qualify for the lowest rates. Applicants with weaker credit may pay a higher rate or be asked for collateral.
• Reduced for restricted assets: Placing assets where they cannot be reached without a court order can lower the bond and the premium.
• Annual renewal: Oregon estates can stay open across more than one year, so the premium is charged annually until the court discharges the personal representative.
• Premium as an estate expense: Oregon courts generally allow the bond premium to be paid from estate assets as a cost of administration.

Beyond the standard personal representative bond, Oregon probate practice uses several additional bond types:

• Special Administrator Bond: A bond for a special administrator appointed to preserve estate assets before a general personal representative is appointed, subject to the exceptions in ORS 113.007.
• Administrator Bond: The personal representative bond in an intestate estate, where there is no will to waive the bond.
• Conservator Bond: A conservator appointed to manage the estate of a financially incapable or minor protected person is generally required to post a bond tied to the value of that estate.
• Guardian Bond: A guardian responsible for property may be required to post a bond on the same principles that apply to a conservator.
• VA Fiduciary Bond: A fiduciary appointed to manage benefits for a veteran answers to both the Oregon court and the federal Department of Veterans Affairs, and the bond may reflect both the estate and the benefits under management.

Oregon does not run a licensing board for private professional fiduciaries, but its probate code places clear duties on every personal representative:

• Authority from letters: The personal representative may not act until letters issue, which follow the filing of any required bond.
• Bond secures performance: Where required, the bond is conditioned on faithful performance of the personal representative's duties and protects the heirs, devisees, and creditors.
• Inventory and accountings: The personal representative files an inventory within 90 days and accounts to the court, which is also when the bond may be set or adjusted.
• Plan for the estate tax: Because Oregon's estate tax exemption is only $1,000,000, the personal representative should determine early whether an Oregon estate tax return is required.
• Conservators and guardians: A conservator or guardian serves under continuing Circuit Court supervision, files inventories and accounts, and maintains any bond the court sets.

• Baker, Circuit Court (Baker City)
• Benton, Circuit Court (Corvallis)
• Clackamas, Circuit Court (Oregon City)
• Clatsop, Circuit Court (Astoria)
• Columbia, Circuit Court (St. Helens)
• Coos, Circuit Court (Coquille)
• Crook, Circuit Court (Prineville)
• Curry, Circuit Court (Gold Beach)
• Deschutes, Circuit Court (Bend)
• Douglas, Circuit Court (Roseburg)
• Gilliam, Circuit Court (Condon)
• Grant, Circuit Court (Canyon City)
• Harney, Circuit Court (Burns)
• Hood River, Circuit Court (Hood River)
• Jackson, Circuit Court (Medford)
• Jefferson, Circuit Court (Madras)
• Josephine, Circuit Court (Grants Pass)
• Klamath, Circuit Court (Klamath Falls)
• Lake, Circuit Court (Lakeview)
• Lane, Circuit Court (Eugene)
• Lincoln, Circuit Court (Newport)
• Linn, Circuit Court (Albany)
• Malheur, Circuit Court (Vale)
• Marion, Circuit Court (Salem)
• Morrow, Circuit Court (Heppner)
• Multnomah, Circuit Court (Portland)
• Polk, Circuit Court (Dallas)
• Sherman, Circuit Court (Moro)
• Tillamook, Circuit Court (Tillamook)
• Umatilla, Circuit Court (Pendleton)
• Union, Circuit Court (La Grande)
• Wallowa, Circuit Court (Enterprise)
• Wasco, Circuit Court (The Dalles)
• Washington, Circuit Court (Hillsboro)
• Wheeler, Circuit Court (Fossil)
• Yamhill, Circuit Court (McMinnville)