Minors' Funds Accounts

Minors' Funds Accounts 

source http://www.passaiccountynj.org/index.aspx?NID=219

Guardians for Minors
The court may appoint a guardian for minor children. A guardian of a minor can be named in a will or the surrogate can appoint a guardian if a minor receives an inheritance or proceeds from a lawsuit. In most cases the money is deposited in the Passaic County Surrogate’s Office Intermingled Minors Account and held until the minor reaches the age of eighteen. In some cases a guardian may be required to post a bond. The guardian can apply to the court for permission and approval to spend the minor’s money for needs of the minor.

Petitions to withdraw funds, under 18 years old
The guardian must have proper identification with picture (such as driver’s license, sheriff’s ID or motor vehicle ID), court fee from the schedule below and written estimates for whatever is being requested. Approximately one week is needed to process and get check made if approved by the judge.

Income Taxes
The guardian must file with the court a copy of the income taxes, accountant’s bill and pay the required court fee listed below. Checks made to the appropriate agencies will be forwarded to the guardian to be mailed with the original tax returns.

Fee Schedule

Cost	Court Fee
Up to and including $500	$10
From $501 and including $1,000	$15
From $1,001 and including $5,000	$20
From $5,001 and including $10,000	$25
From $10,001 and including $50,000	$30
In excess of $50,000	$50

Guardianship BackgroundThe background sheet that follows should be filled out when making a petition, as well as the petition form if the petition is for the things listed on the form. If the petition is not for the things listed an estimate is required for need that is being petitioned