New Jersey Statutes Appendix - Former Title 3A Administration of Estates Decedents and Others 3A § 20-12

If it is established that a minor or mental incompetent has property which may be wasted or dissipated or that a basis exists for affecting the property and affairs of a minor or mental incompetent, or that funds are needed for the support, care and welfare of the minor or mental incompetent or those entitled to be supported by him, the court may, subject to the appointment of a guardian ad litem and upon notice to the guardian ad litem, without appointing a guardian of his estate, authorize, direct or ratify any single or more than one transaction necessary or desirable to achieve any security, service, care or protective arrangement meeting the foreseeable needs of the minor or mental incompetent or those dependent upon him. Protective arrangements include, but are not limited to, payment, delivery, deposit or retention of funds or property, sale, mortgage, lease or other transfer of property, entry into an annuity contract, a contract for life care, a deposit contract, a contract for training and education, or addition to, or establishment of suitable trust. The court may authorize, direct or ratify any contract, trust or other transaction relating to the minor's or mental incompetent's financial affairs or involving his estate if the court determines that the transaction is in the best interests of the minor or mental incompetent or those dependent upon him.