ACCOUNTING AS A GUARDIAN OF THE ESTATE IN NEW JERSEY

If you have been appointed as a Guardian of the Estate (Property) of an incapacitated person, you may have to annually file some sort of accounting with the Surrogate’s Court in the County in which you were appointed. If you are unsure whether you are required to do so, you should look at the signed Judgment of Incapacity and Appointment of Guardian of the Person and Estate (the “Judgment”) that appointed you as the Guardian. Specifically, look to paragraph 10 of the Judgment, which outlines the accounting reporting requirements.

There are five (5) possibilities for the accounting requirement, which are as follows:

• A formal accounting, which is typically required if the incapacitated person’s estate is valued over $5,000,000. A formal accounting will require you to file a Verified Complaint and Order to Show Cause with the Surrogate’s Court. The requirements can be found and reviewed under New Jersey Court Rules 4:87-1 through 9;
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• Comprehensive accounting, which is typically required if the incapacitated person’s estate is valued between $1,000,000 and $5,000,000. The Comprehensive accounting is a very detailed form and requires you to attach documents to substantiate the values reported. The Comprehensive accounting form can be found here;

• An EZ accounting, which is typically required if the incapacitated person’s estate is valued under $1,000,000. The EZ accounting is a simple three (3) page form that requires you to disclose the incapacitated person’s income and well as any disbursements made on his or her behalf in a general manner as well as answering questions as to specific types of assets. The EZ accounting form can be found here;
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• A copy of the Social Security Representative Payee Report, which is typically required if the Guardian is also the representative payee for Social Security benefits and the incapacitated person does not have any other assets or income. The most recent reporting period should be filed; and
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• A waiver of the accounting requirement as ordered by the Judge.

For the Comprehensive Accounting, EZ Accounting and Social Security Payee Report, you must also file a Report of Guardian Cover Page, which can be found here. Along with the Report of Guardian Cover Page and either one of the Comprehensive Accounting, EZ Accounting or Social Security Payee Report, you must also pay to the County Surrogate’s Court a fee of $5 per page.

We at Pashman Stein Walder Hayden, P.C. have helped many Guardians complete and file their accountings. If you need help with your accounting requirement, do not hesitate to call us for assistance.

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