Legal Question in Wills and Trusts in New Jersey

Re: Guardianship funds

If the guardianship is created through the Surrogate's office, which handles both estate matters and guardianships, each County Surrogate maintains a centralized account for funds deposited with them. The funds become available upon petition to the Court, specifying the need and purpose, along with verification of legitimacy of the usage of the money. There is some small interest earned while the funds are on deposit (currently about 2% per year). Using the Surrogate's account as the repository of the funds eliminates the need to be bonded, which carries annual bond premiums, but necessitates the periodic petition if funds need to be withdrawn. On the other hand, if the guardian becomes bonded (with the appropriate insurance bond and annual premiums), the guardian can have an account anywhere and draw checks as needed. Without more information, I cannot tell you which would be a better, less costly, situation to use.