If you’re an out-of-state attorney that has just settled a case where a minor was a plaintiff and are looking to structure their settlement in a manner that is best for their needs, you may be about to make a monumental mistake especially if the minor is a legal resident of Illinois. The Illinois Probate Act is a very precise piece of legislation that imposes specific requirements regarding how settlement funds need to be structured, and these requirements differ from most states. The most common reason for the rejection of the settlement structure is that the account structure is incompatible with the requirements of the court, and the consequences are significant: you will need to renegotiate the entire distribution, attend a hearing and explain why the error is present in the first place in front of a judge, all while the family of your client waits in the dark, wondering what is taking so long when it comes to releasing money that is rightfully owed to the minor. In this post, we shall take a look at the key requirements of the Illinois Probate Act as it relates to the structuring of minor settlement funds, while providing you with timely advice on how to ensure you get your petition right the first time.
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.
Specifics of the Illinois Probate Act That May Lead to Your Petition Getting Rejected
One of the most reasons for the rejection of petitions with regard to Illinois probate and minor settlements and how they need to be structured is the need for the same to comply with Section 24 of the Illinois Probate Act, which requires that the funds be preserved until the minor reaches the age of the majority unless the court says yes to an alternative distribution due to documented and very specific reasons.
Let’s take a look at some of the other reasons why rejection may be in the cards:
- The annuity must be issued by a company approved by the Illinois Department of Insurance, and the court will ask that documentation be provided proving that the issuer meets the state’s financial stability requirement. It is important to note that this requirement is not a discretionary one, but a mandatory one.
- The court will also require that the funds be placed in a restricted account, as well as restrictions put in place when it comes to withdrawals. In addition, the attorney must provide documentation which proves that the account meets the Illinois Probate Act requirements, with the financial institution being one that is court-approved.
- The court also requires that you as the attorney provide a detailed explanation regarding the proposed distribution and why it is in the best interests of the minor. The explanation will come under careful scrutiny and if the rationale doesn’t contain relevant complexity and meet a threshold for reasonability, it may be rejected.
Illinois Minor Probate Attorney Help – Call Us Today!
At McCready Law, we understand that out-of-state attorneys face insurmountable hurdles when it comes having their Illinois probate minor cases processed. It is for this reason that we would like to invite you to give us a call TODAY at (314) 481-63338 to learn more about our referral catering to this. We offer a flat-fee service which includes things like filing the initial petition, handling all court communications as well as managing the needs of both the minor’s family and guardian ad litem. Need to learn more? Simply give us a call NOW at (314) 481-63338 to speak with an experienced attorney. Thanks for choosing us, and we look forward to helping you.