New Jersey Statutes 3B:23-3. Method of distribution
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Terms Used In New Jersey Statutes 3B:23-3
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Intestate: Dying without leaving a will.
- Testate: To die leaving a will.
If the personal representative of either a testate or an intestate estate has, in the exercise of good faith and reasonable discretion, continued to hold in kind the distributable assets of an intestate estate or of the residue of a testate estate, the assets shall be distributed in kind if there is no objection to the proposed distribution and it is practicable to distribute undivided interests, otherwise those assets shall be converted into cash for distribution.
L.1981, c. 405, s. 3B:23-3, eff. May 1, 1982.