|
POSTHUMOUS ACCOUNT
I. PURPOSE:
The Posthumous Account is established to maintain and manage all
unclaimed funds, property, or other assets in accordance with Chapter
162 of Public Law 1989.
II. PROCEDURE:
A. Fund Transfers:
| |
1. Expired resident funds are held for one year
in the Members Account. If the New Jersey Veterans Memorial Home
is contacted regarding information for an expired resident
estate, the facility will hold the funds in the resident’s
accounts.
2. Unclaimed funds of an expired resident are to be transferred
to the Posthumous Account one year following the depositor’s
death. These funds are to remain in this account for three (3)
years. During the three (3) year period and with substantial
proof, which shall be determined by the Facility Advisory
Council and The Adjutant General, the funds shall be paid to the
claimant.
3. Any unclaimed funds, property, or other assets which are held
in trust or for safekeeping and are unclaimed after three (3)
years from the date of the resident’s death, then become the
property of and are subject to the absolute control and
disposition of the New Jersey Veterans Memorial Home Welfare
Fund. |
B. Will Documentation:
Evidence of a will shall take precedence over Chapter 162 of Public Law
1989.
Original: 1994
Revised: January 1999
BUSINESS OFFICE - 44-03-007
« Business Office Table
of Contents |