New Jersey Statutes 3B:23-1. Distribution of assets in kind
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Terms Used In New Jersey Statutes 3B:23-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Devisee: means any person designated in a will to receive a devise. See New Jersey Statutes 3B:1-1
- Estate: means all of the property of a decedent, minor or incapacitated individual, trust or other person whose affairs are subject to this title as the property is originally constituted and as it exists from time to time during administration. See New Jersey Statutes 3B:1-1
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Intestate: Dying without leaving a will.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Testator: A male person who leaves a will at death.
Except where a will authorizes distribution to be made in cash or in kind, the distributable assets of an intestate‘s estate or testator‘s estate shall be distributed in kind to the extent reasonably possible through application of the following provisions:
a. A specific devisee is entitled to distribution of the thing devised to him;
b. Any devise payable in money or an intestate share may be satisfied by value in kind provided:
(1) The person entitled to the payment has not demanded payment in cash;
(2) The property distributed in kind is valued at fair market value as of the date of its distribution; and
(3) No residuary devisee has requested that the asset in question remain a part of the residue of the estate.
L.1981, c. 405, s. 3B:23-1, eff. May 1, 1982.