(a) The judges of the probate courts are, in their discretion, made the legal custodians and distributors of all moneys due and owing to any minor or incapacitated adult who has no legal and qualified guardian of the property; and the judges are authorized to receive and collect all such moneys arising from insurance policies, benefit societies, legacies, inheritances, or any other source. Without any appointment or qualifying order, the judge is authorized to take charge of the moneys or funds for the minor or incapacitated adult by virtue of his office as judge of the probate court in the county of the residence of the minor or incapacitated adult. The certificate of the judge that no legally qualified guardian of the property has been appointed shall be conclusive and shall be sufficient authority to justify any debtor or debtors in making payment of moneys due as aforesaid, claims therefor having been made by the judge.

(b) The judges, in their discretion, shall also be the depositories for and custodians of all moneys of any heir of any estate who cannot be located by the executor or administrator so that the moneys may be distributed to the heir. Any executor or administrator shall be authorized to pay over to the judge any such moneys; and the judge shall be authorized to take charge thereof as provided for in this subsection.