If a member of the veterans’ home dies leaving property in excess of three thousand dollars in value not disposed of by will, the administrator is entitled to letters of administration for the estate. The administrator shall apply to the proper court for letters of administration, qualify as administrator, and distribute and dispose of the estate. If a valid claim is not made to the estate by the heirs or the next of kin of the deceased member for a period of one year after the granting of letters of administration, the residue of the estate must be deposited with the state treasurer for the benefit of the veterans’ home operating fund.