This is probably not the usual estate/probate/not sure how to categorize this - situation.
Recently contacted by funeral home who provided services for deceased (2011) when he passed away. He and my mom were divorced when I was just a child and I’ve not had any contact with him since that time or any time up to his death.
I grew up across the street from the funeral home who are extended family and knew us (me and my mom) as neighbors. While I no longer live in that area or state, they know how to contact me.
As the daughter and only surviving next of kin, funeral home reached out to me concerning unclaimed property. Apparently, discovered by daughter of the deceased’s girlfriend, who died in 2023. I assume since her mother passed she wanted to remove his personal effects that included a bank statement.
The funeral home directed me to the unclaimed property division of NJ in order to investigate the bank statement.
After contacting the unclaimed division (still in progress) they said I needed to get a surrogate certificate from the Essex County surrogacy probate court. Unclaimed division follows: Something called (SOIL) - Set-Off of Individual Liability. Refers only to gov agencies that may be due money from deceased paid from unclaimed funds held by state.
It’s been 13yrs since the deceased passed and now I discovered this money exists.
Gov will take what ever they feel is owed to them regardless. But what of other creditors, if any, after 13 yrs?
The NJ statutes:
Section 3B:22-4 Limitation of time to present claims of creditors to personal representative; discharge of personal representative where claim is not duly presented before distribution.
3B:22-4. Creditors of the decedent shall present their claims to the personal representative of the decedent's estate in writing and under oath, specifying the amount claimed and the particulars of the claim, within nine months from the date of the decedent's death. If a claim is not so presented to the personal representative within nine months from the date of the decedent's death, the personal representative shall not be liable to the creditor with respect to any assets which the personal representative may have delivered or paid in satisfaction of any lawful claims, devises or distributive shares, before the presentation of the claim.
While it is still unclear if debt exists and yet to be discovered, the above specific statement seem clearly defined with regard to timeline. i.e., within 9mo from the date of the decedent’s death.
I had to be administrator of my mom’s estate when she passed. She didn’t leave a Will and customary procedures I became administrator. I created an EIN, became administrator, opened a bank account with estate name, had my CPA file her taxes. I had to sell her house received her IRA and bank accounts.
That was different than dealing with unclaimed property. I still have to get a surrogate certificate that means being the administrator.
- Will funds pay to me or estate name?
- It’s been 13 years, how does the NJ statute factor in considering the timeline has elapsed or interpreted?
- Interest on the money held will trigger a 1099-INT from unclaimed division. This may be a silly question, is that interest paid to the estate or does the gov keep it and the estate pays tax on it?
original posted by Lanky-Associate2977 to r/personalfinance on Fri, 19 Apr 2024 15:17:46 GMT.