Under Illinois law, and specifically the Illinois Probate Act, a fiduciary is not legally permitted to touch a minor’s settlement funds before the court has signed off on the final distributions. That said, there is an exception for every rule, and there are a handful of narrow exceptions that if you’re an out-of-state attorney with a minor whose place of residence is Illinois, need to know about. Generally speaking, the Illinois Probate Act is designed to ensure that the minor’s assets are protected from depletion before the court has a chance to review the settlement to ensure that it is not only in the best interest of the minor, but that it is fair and equitable.
The stance of the court is one of being a protective figure whereby disbursements are completely prohibited, and any deviation from this default requires specific statutory authorization, and, in many instances, a court order. These exceptions exist within a narrow framework that is given the green light by the courts, but under the watchful eyes of the probate judges. This therefore means that fiduciaries that exceed their authority may be subject to personal liability should they engage in improper disbursement. In this post, we’ll examine these limited exceptions to the prohibition on pre-approval expenses, what a fiduciary can and cannot pay, and how our firm, McCready Law, can help out-of-state attorneys navigate these restrictions so no-one is on the wrong side of the law, and the minor’s funds are kept safe and secure for the duration of the probate and its conclusion.
Are you looking for the best Illinois probate attorney for minor settlements? Please call the best probate attorneys at McCready Law NOW at (314) 481-63338 to learn more about how we can help you obtain Illinois court approval for your minor settlement. The experienced Illinois probate attorneys at McCready Law bring to the table combined experience spanning over 90 years where we have helped attorneys from across the country navigate the Illinois probate system with speed, efficiency, and reliability. To date, we have recovered over $500 million for our clients, and our expertise in all areas of the law as well as our personable and efficient approach place us at a level that is unheard of in probate law. We take on cases on an agreed-upon flat fee basis, and the first call to us is consulted on a 100% FREE basis.
Regardless of where you are in the country, McCready Law can assist with your Illinois probate minor settlement approval, and we will handle the entire process from start to finish so you can focus on your practice while we handle the Illinois court approval. Need to speak to someone regarding the potential for a fast and efficient Illinois probate approval? Call us NOW at (314) 481-63338 to learn more about our flat-fee probate services – our intake coordinator is standing by to route your call to one of our experienced attorneys.
Illinois Probate Act and Its Stance on Pre-Approval Expenses for Minors
It is important to note that the Probate Act does not give fiduciaries free rein to use a minor’s settlement funds prior to the court approving the final distribution. That said, there are narrow exceptions that exist, and they are enforced by probate judges.
Here is what’s actually permitted by the Act:
- The fiduciary is allowed to pay the guardian ad litem’s fees as well as those of the attorney that prepared the probate petition from the minor’s settlement prior to the entering of the final court order. This is because these fees are deemed necessary for the administration of the estate and are routinely approved by the court as long as they have been documented and are within reasonable bounds.
- The fiduciary may also pay the expenses that are necessary for the protection of the minor’s estate, such as property taxes, insurance premiums, or even maintenance costs on owned assets. These expenses, it is important to note, are not tied to the settlement per se, but they are vital to the ongoing of the management of the minor’s assets.
What Isn’t Permitted
- The fiduciary is prohibited from paying the minor’s ordinary living expenses such as food, clothing and housing from the settlement before the court has approved the final distribution as these expenses aren’t considered necessary for the administration of the estate.
- The fiduciary cannot also make any distribution of the settlement funds to the minor or any other party before the final accounting and distribution plans have been approved by the court since any such action may be deemed a violation of the fiduciary’s duty and may result in personal liability.
Best Illinois Minor Probate Referral Law Firm for Out-of-State Attorneys – Call Today!
At McCready Law, we understand that you as an attorney that has recently completed probate for a minor living in Illinois need an efficient, reliable solution for minor settlement approval. We handle every step of the process, including advising fiduciaries on acceptable finances as well as managing the appointment of key figures for the entire process so you do not have to get on conference calls or on dozens of flights to do it yourself. Need more information on the approval process? Call us NOW at (314) 481-63338 to speak with a friendly attorney so we can help you close your file and move on to your next case. Thanks for choosing us, and we look forward to helping you.