Bernard was the son of Lord Simon I and Adelaide of Waldeck.
His eldest brother was also called Bernard V and was Prince-Bishop of Paderborn.
When Bernhard died around 1365, his widow initially gave his inheritance to Otto VI of Tecklenburg, the husband of her eldest daughter.
In 1366, she revoked this gift and transferred the territory to her nephew Simon III.
Otto VI, however, objected and started a feud which lasted several decades and was finally resolved in favour of the Tecklenburg family.