SURPLUS FUNDS FOR FAMILY MEMBERS AND HEIRS
A common issue in surplus funds cases arises when the property owner dies, and their heirs wish to claim the funds. If there is more than $20,000 available in Surplus Funds, the court normally requires heirs to go through probate and appoint an Executor or Administrator of the estate to apply for the funds. This requirement has caused confusion and delays for many families. If you’re facing this situation, we can help you navigate the process. Call our office today for assistance with claiming surplus funds.
Are Heirs Entitled to Surplus Funds in NJ?
Yes, heirs are entitled to surplus funds in New Jersey under specific conditions. After a sheriff’s sale, any remaining funds belong to the property owner; if the property owner is deceased, it goes to their heirs. However, if there is more than $20,000 available in Surplus Funds, the court normally requires heirs to go through probate and appoint an Executor or Administrator of the estate to heirs must go through probate to establish their right to claim these funds.
Requirements for Heirs to Claim Surplus Funds
After a sheriff’s sale, any remaining funds belong to the property owner; if the property owner is deceased, it goes to their heirs, but under New Jersey law, if there are more than $20,000 in Surplus Funds, the heirs must take certain legal steps to claim the funds, including going through the probate process to establish their rights as the Administrator or Executor:
- If the decedent had a Will, it must go through Probate.
- If the decedent dies intestate (without a Will), a personal representative or administrator must settle and distribute the estate. (N.J.S.A. § 3B:10-23.)
- Administration shall be granted to the surviving spouse or domestic partner or, if none survive, to any remaining heir. (N.J.S.A. § 3B:10-2.)
- Heirs are not entitled to assets without administration of the estate unless the total value of the assets of the estate do not exceed $20,000. (N.J.S.A. § 3B:10-4.)
We Can Help You Claim Surplus Funds
Claiming foreclosure surplus funds in New Jersey can be stressful with the many hurdles and strict deadlines to keep track of, especially when the homeowner is deceased, and you’re attempting to establish your right as legal heir. Consulting with an attorney can help streamline the process and help you claim the funds that you deserve.
Contact Ira J. Metrick For Legal Assistance Claiming Surplus Funds
Navigating the probate process to claim surplus funds can be challenging, even more so for families dealing with the loss of a loved one. Our firm has extensive experience helping our clients navigate the process of claiming their surplus funds. Contact the Law Office of Ira J. Metrick, Esq., today to learn how we can help you secure the funds you are entitled to and protect your family’s interests.
