Protect, preserve and manage. Those are the duties imposed on a guardian of an infant's property, to be carried out in the best interest of the infant. N.Y. Sur. Ct. Proc. Act Law (NY SCPA) §1723. Preservation of guardianship property is of paramount importance to the Surrogate's Court. From an investment perspective, a guardian may satisfy these requirements by passively depositing guardianship funds in an FDIC-approved bank account. N.Y. Sur. Ct. Proc. Act Law §1708. However, a guardian seeking to take more of an active role in management of guardianship funds may enter into an investment agreement to obtain a higher rate of return on those funds. Id. With court approval, a guardian can jointly control guardianship funds with a bank, credit union, or other financial institution (collectively referred to as "financial institution"), somewhat easing the Surrogate's Court's involvement. This type of investment agreement can significantly benefit the infant, while also providing the Surrogate with security in knowing that an established financial institution is a party to the agreement and subject to the Surrogate's oversite.