Hereafter, the application of any person for membership in a veterans home of this state, and the admission of the applicant thereunder shall be and constitute a valid and binding contract between such applicant and the administrator of the division of veterans services in the department of self-governing agencies of the state of Idaho that on the death of said applicant, while a member of such home, leaving no heirs at law next of kin, all personal property owned by said applicant at the time of his death, including money or choses in action held by him and not disposed of by will, whether such property be the proceeds of pensions or otherwise derived, shall vest in and become the property of said division of veterans services in the department of self-governing agencies of the state of Idaho for the sole use and benefit of said home, the proceeds to be disposed of in such manner as may be ordered by the administrator of the division, and that all personal property of said applicant which, upon his death, while a member, shall at once pass to and vest in said administrator, subject to be reclaimed by any legatee or person entitled to take the same by inheritance at any time within five (5) years after the death of such member. The administrator of the division of veterans services is directed to so change the form of application for membership as to give reasonable notice of this provision to each applicant, and as to contain the consent of the applicant to accept membership upon the conditions herein provided.