Can You Claim The NJ Unclaimed Property Of A Deceased Family Member?
The NJ unclaimed property can take many forms. These can be in form of deposits – bank and utilities, bonds, royalties, uncollected tax refunds, checks that became stale because they were not cashed in, and unclaimed indemnification and retirement welfares. These were all included under New Jersey’s Unclaimed Property Law. Contents of safety deposit boxes as well as the deposit for the use of the safety deposit box are classified as kinds of NJ unclaimed property.
When people move to other residences, they are unable to continue to know what is occurring in regard to their mails. Without leaving any forwarding address, they will not get any updates on the status of their accounts. This same thing happens when one gets married and settles in another area and also when one passed away. These are instances when properties are not tracked down.
Under the escheat laws of New Jersey, all of these assets are given to the government after a specific time period has passed. The holding period before the transfer is dependent on the type of account. This also varies depending on the US state. There is a provision in the Division of Taxation stating that any asset that had been unclaimed by its owner three years or more after its distribution or payment is considered abandoned asset.
The passing away of a person had also contributed to the rise of NJ unclaimed property accounts. The deceased had not been able to get hold of the asset prior to the death. And it could be possible that none of the heirs were aware of the existence of the asset. Then it is left where it was placed until it becomes an escheat account.
When deceased family member had NJ unclaimed property
Did you know that you can claim the abandoned money of your deceased relatives? If you are the surviving heir, then you can. In accordance to the unclaimed money laws, there are two ways by which the unclaimed property is handled.
• The NJ unclaimed property is returned to the state where the deceased property owner had established last known address or residence.
• For unknown address, it is returned to the state where the business holding the funds is situated.
For cases of undetermined address, the NJ unclaimed property office takes responsibility to find the rightful owner. The best part of the law on this abandoned asset is that the unclaimed money of a deceased relative can be claimed and that this is not subjected to the time limit on claiming the escheated property.
Checklist for deceased family’s NJ unclaimed property
When you are decided on claiming the escheated money of a deceased relative, you can start kicking off the process by knowing the checklist for the process. The list consists of the following:
• Name of the deceased relative, to include maiden or former names
• The Social Security number, current address
• All previous addresses where he or she had lived while in the state
Completing the requirements, you will have to file for your claim then you have to go through the normal procedure.
The role of Social Security Administration to NJ unclaimed property of the deceased
The Social Security Administration keeps track of all the professional information about a person while alive and until he or she dies. The information here will be used by the NJ unclaimed property authorities to cross-check data that were provided by the surviving heir/heirs. These are very helpful data as they are accurate.
Both the state and the federal governments are in firm determination to return these unclaimed funds to the rightful owners. Thus, the representatives of the government endeavor all that is needful in order to find the actual owners. If you have a deceased relative and you believe he or she had left some NJ unclaimed property, this is the right time to start finding out about this abandoned wealth. Bear in mind that deceased relative’s assets are safe in the custody of the state and that it can be claimed anytime.
The government had today simplified the process to claim the NJ unclaimed property. You can make use of the government machinery to your advantage. You should never be adamant in working for the recovery of the NJ unclaimed property of your deceased parents, they are yours and you can have them by going through the process of getting these.