If a minor received money in an estate & Guardianship
of Minor’s Property and / or Person Of Property
Whenever a minor (a child not of
majority age of 18 years) receives proceeds from a lawsuit or is named as a
beneficiary in a Will (unless it is in Trust), or receives money from an
intestate estate, or is the benefactor of an insurance policy, the proceeds
from these must be deposited with the Surrogate’s Court and placed in the
Surrogate’s Intermingled Trust Fund (SITF), also known as Surrogate’s
Intermingled Minors’ Account (SIMA).
A person(s) must make application to the
Surrogate’s Court for appointment as Guardian(s) of Minor’s Property. The
parents have first right to make application for guardianship. In order to make
application this person(s) must bring in the minor’s original or certified copy
of the birth certificate, a Social Security card and a signed copy of the
Order, if a lawsuit.
The person(s) will sign an Application for
Guardianship Property, Authorization To Accept Service of Process and Guardianship
Acceptance Property. The guardian(s) will receive from the Surrogate’s
Court Letters of Guardianship Property and a Guardianship Short
Certificate Minor, if needed. This allows the guardian(s) to
represent the interests of the minor in respect to the minor’s property, to
petition the Superior Court for emergent use of the minor’s fund and to receive
monthly statements of the minor’s account.
The money in its entirety will be released to the minor upon his/her
reaching majority age of 18 years.
Guardianship Of a child where a parent died
Whenever a minor (a child not of
majority age of 18 years) has an interest in an estate, whether it is an
Administration or an Ad Prosequendum, a guardian has to be named to represent
the minor’s interest in the estate. The parent(s) have first right to
make application for guardianship. In order to make application this
person(s) must bring in the minor’s original or certified copy of the birth certificate
and the Social Security card.
The person(s) will sign an Application for
Guardianship Person, Authorization To Accept Service of Process and Guardianship
Acceptance Property. The Guardian will receive from the Surrogate’s
Court Letters of Guardianship Person. This allows the Guardian(s)
to represent the interests of the minor in making decisions involved in the
estate settlement which will best benefit the minor.
Of Person and Property
There are instances in estate settlements where a
person(s) will have to make application for both the Guardianship of Person
and Property of a minor.
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