There’s a common misconception that out-of-state attorneys make when they settle a case involving a minor plaintiff living in a different state, and that is the idea that one’s responsibility ends once they hand the file over to the guardian or executor of the minor’s estate. The reality is that any error in the Illinois probate approval process, regardless of how miniscule it is, may expose a fiduciary to personal liability that may pretty much decimate their financial future as well as any relationship with the family of the minor. The executor or guardian is more than a figurehead that signs off on documents as well as disburses funds; they are a fiduciary that owes a legal duty of care to the minor, and should they breach said duty, they may be held personally liable for any losses suffered by the minor or the estate of the minor. This real and present danger is perhaps the central reason why you should not expose yourself and the fiduciary to any such downstream malpractice risk and instead work with a local attorney who understands Illinois law so you can protect both yourself and your client’s fiduciary from personal liability.
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.
Understanding Fiduciary Duties Which May Create Personal Liability
- The duty of loyalty requires that the fiduciary act only in the best interest of the minor as well as avoid any conflict of interest. Should they make a distribution which benefits themselves or a third party at the minor’s expense, they may be held liable for the full amount of the distribution
- The duty of care requires that they manage the assets of the minor with the same level of care that a reasonably prudent person would exercise when it comes to managing their own affairs. Should they fail to properly document transactions and fail to manage the comprehensive records or even fail to comply with court orders, liability can fall on them should the estate realize losses.
- The duty to comply with court orders requires that the fiduciary follow the instructions of the probate court to the letter. For example, should the court order a restricted account and the fiduciary places the assets in a non-restricted account, they may be personally held liable for any losses resulting from this action.
Fiduciary for Illinois Probate – The Law Speaks for Itself
It is important to note that the Illinois probate court doesn’t take fiduciary duties lightly, and if the court discovers that a fiduciary has breached their duties, penalties may be levied such as personal liability for the full amount of the settlement, legal fees as well as interest. Therefore, should you, for example, file the probate petition incorrectly as an out-of-state attorney, the court may reject it, which may delay the distribution of funds, exposing the fiduciary to negligence claims. Your neck may be on the line in such cases, as the family may state the fiduciary failed to exercise reasonable care when it came to managing the affairs of the minor, and the fiduciary may in turn look back and point to you and your incorrectly filed probate petition. Secondly, should the fiduciary fail to comply with the requirements of the court with regard to restricted accounts or annuities, they may be held personally liable for any losses, which eventually goes back to you.
Best Illinois Minor Probate Referral Attorneys – Call Us Today!
If you’re handling a minor probate claim where the minor’s state of residence is Illinois, please give us a call NOW at (314) 481-63338 so we can discuss our referral structure. We will help handle the entire Illinois probate approval process from beginning to end, thereby ensuring that every document is drafted in the correct manner, every deadline is met, and every court order complied with. In doing so, the fiduciary is protected from personal liability, which in turn protects you from any malpractice claim and that the settlement meant for the minor is distributed in a clean and lawful manner. Remember, the call is 100% FREE, and there is no legal obligation. Thanks for choosing us, and we look forward to helping you.