At the Bergen County Surrogate’s Court, we understand that guardianship matters often arise during
challenging times for families. Our goal is to provide clear guidance, trustworthy resources, and
compassionate support as you navigate questions about the care and financial protection of a loved one.
This page brings together statewide guardianship tools from the New Jersey Courts, detailed information
about adult guardianships and guardianships on behalf of minors, and
an overview of how the Surrogate’s Court helps manage minor funds through our Intermingled Account.
Guardianship on Behalf of a Minor
There are several reasons that result in the need for a guardian to be appointed on behalf of a minor
(a person under the age of 18 years). The most common, that we address here, is when a minor, who is a
Bergen County resident, is to receive assets, usually money, but this can also include real estate,
stocks and bonds, in amounts greater than $5,000 per annum.
Among the more usual causes is if a minor is involved in an accident and receives a monetary settlement.
The Superior Court of New Jersey enters a judgment for settlement to formalize, in a written document,
that settlement. If the settlement is greater than $5,000 a guardian of the property of the
minor has to be appointed.
A guardian, similar to any other fiduciary, before entering upon their office is required to obtain and
file with the court appointing them, a surety bond. However, if the size of the settlement does not justify
the annual cost of a surety bond’s premium, then there is a statutory provision that allows the qualifying
guardian to apply to the Superior Court of New Jersey to not have to secure and file a guardian’s surety bond.
In addition, that statutory provision includes that the guardian simultaneously petition the Superior Court
to order the settlement funds be placed under the custodial care of the Bergen County Surrogate’s Court,
in the Surrogate’s Intermingled Account.
The Intermingled Account
Since September 1981 the Bergen County Surrogate’s Court has had an Intermingled Account. Currently it is
comprised of more than $23 million dollars of minors’ funds. These funds and the
Intermingled Account are governed by statute, court rules and guidelines approved by the New Jersey
Supreme Court.
In accordance with the foregoing, these funds are all FDIC insured, they earn interest
that is accrued and compounded daily, and paid to each minor’s account monthly.
Pursuant to the guidelines, the interest rate that the Intermingled Account earns periodically changes,
as will the banking institution that serves as the depository of and for the Bergen County Surrogate’s
Court’s Intermingled Account. Since its inception (over thirty years ago) the Bergen County Surrogate’s
Court’s Intermingled Account has earned an average annualized rate of return of 5.4261%.
Smaller Settlements (Under $5,000)
Conversely, if the settlement is not greater than $5,000 there are five (5) statutory options that the
court can order regarding the disposition of the settlement funds:
- Deliver the settlement funds directly to the person under age 18 if they are married.
- Deliver the settlement funds to the minor’s parent(s).
- Deliver the settlement funds to the guardian of the person of the minor.
- Deliver the settlement funds to an adult who has the custody of the minor.
- Deliver the settlement funds to a banking institution on behalf of the minor.
Minor Guardianships – Key Points
- Guardians are appointed by the Surrogate for those who are under 18.
- Required when a minor receives assets over $5,000.
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If one parent dies, the surviving parent typically becomes guardian of the person of the minor.
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In the absence of both parents, the Surrogate or Superior Court may appoint a guardian.
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A guardian can be appointed for the person, the estate (property), or both, depending on the
circumstances.
How the Surrogate’s Court Helps
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Serves as custodian of settlement funds deposited into the Intermingled Account for minors.
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Ensures compliance with court rules and protects the minor’s funds until age eighteen.
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Provides information and direction on how to petition the court for guardianship of a minor’s
property.