Full Text of HB0814 102nd General Assembly
HB0814 102ND GENERAL ASSEMBLY |
| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB0814 Introduced 2/10/2021, by Rep. Jeff Keicher SYNOPSIS AS INTRODUCED: |
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755 ILCS 5/24-21 | from Ch. 110 1/2, par. 24-21 |
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Amends the Probate Act of 1975. Provides that if the estate of a ward consists only of money, the court may order, among other dispositions, the money deposited in a qualified tuition program.
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| | A BILL FOR |
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| 1 | | AN ACT concerning civil law.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Probate Act of 1975 is amended by changing | 5 | | Section 24-21 as follows:
| 6 | | (755 ILCS 5/24-21) (from Ch. 110 1/2, par. 24-21)
| 7 | | Sec. 24-21.
Deposit or investment of money of a ward, | 8 | | subject to
court order. ) | 9 | | (a) If the estate of a ward consists only of money, on
the | 10 | | petition of the representative of the estate or of the
| 11 | | representative of an estate of which the ward is a legatee or | 12 | | heir, or
of any other interested person, or on its own motion, | 13 | | the court may, if
it appears practicable and to the best | 14 | | interests of the ward to do so,
order the money (1) deposited | 15 | | in a bank to the credit of the ward at
interest or otherwise | 16 | | but, unless otherwise authorized by the court, only
to an | 17 | | amount not exceeding the amount for which it
is insured by the | 18 | | Federal Deposit Insurance Corporation, or (2)
deposited in any | 19 | | state or federal savings and loan association but, unless
| 20 | | otherwise authorized by the court, only to an
amount not | 21 | | exceeding the amount for which it is insured by the Federal
| 22 | | Savings and Loan Insurance Corporation, or (3) invested in | 23 | | United States
obligations and deposited for safekeeping for |
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| 1 | | the account of the ward in
a bank or trust company qualified to | 2 | | accept and execute trusts in this
State, or with the Secretary | 3 | | of the Treasury of the United States or in
a Federal Reserve | 4 | | Bank or in such other agency as may be designated by
the | 5 | | Secretary of the Treasury, or (4) invested in shares of any | 6 | | state
or federal credit union to the credit of the ward at | 7 | | interest or otherwise
to an amount not exceeding the amount | 8 | | for which said shares are insured
as required by The Illinois | 9 | | Credit Union Act or the Federal Credit Union
Act, as | 10 | | applicable , or (5) deposited in a qualified tuition program | 11 | | under Section 529 of the Internal Revenue Code . The receipt of | 12 | | the bank or trust company
constitutes a voucher for accounting | 13 | | purposes. Amounts deposited pursuant
to clauses (1), (2) and | 14 | | (4) herein, in excess of the amount
insured by the United | 15 | | States or any agency thereof shall be secured by a
surety bond | 16 | | taken from a surety authorized to transact business in this
| 17 | | State in such sum, under such conditions and with such | 18 | | security sufficient
to save the estate from loss.
| 19 | | (b) If a representative of the estate has been appointed | 20 | | for a ward,
the court may direct the representative to file a | 21 | | final account and
excuse him from further duty and release him | 22 | | and the sureties on his
bond, until further order of court.
| 23 | | (c) On the petition of the spouse, parent or person | 24 | | standing in loco
parentis to or having responsibility for the | 25 | | custody or support of the
ward, the court may order any money | 26 | | so deposited or invested to be
withdrawn and used for the |
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| 1 | | comfort, support, education or other benefit
of the ward or | 2 | | his dependents. The petitioner shall appear in open
court | 3 | | unless his appearance is excused by the court and shall | 4 | | furnish
such evidence of the necessity for the withdrawal as | 5 | | the court may
require. The bank of deposit or agency for | 6 | | safekeeping shall be
released in making payment or delivery | 7 | | (1) in accordance with the order
of the court, (2) directly to | 8 | | the ward upon his attaining legal age or
restoration, as the | 9 | | case may be, or (3) directly to the representative
of the ward | 10 | | in case of his death, and in any such case it may not be
| 11 | | required to see to the application or disposition of the funds | 12 | | or
property.
| 13 | | (Source: P.A. 82-415.)
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