Illinois General Assembly - Full Text of HB0814
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Full Text of HB0814  102nd General Assembly




State of Illinois
2021 and 2022


Introduced 2/10/2021, by Rep. Jeff Keicher


755 ILCS 5/24-21  from Ch. 110 1/2, par. 24-21

    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.

LRB102 12100 LNS 17437 b





HB0814LRB102 12100 LNS 17437 b

1    AN ACT concerning civil law.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Probate Act of 1975 is amended by changing
5Section 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,
8subject to court order.)
9    (a) If the estate of a ward consists only of money, on the
10petition of the representative of the estate or of the
11representative of an estate of which the ward is a legatee or
12heir, or of any other interested person, or on its own motion,
13the court may, if it appears practicable and to the best
14interests of the ward to do so, order the money (1) deposited
15in a bank to the credit of the ward at interest or otherwise
16but, unless otherwise authorized by the court, only to an
17amount not exceeding the amount for which it is insured by the
18Federal Deposit Insurance Corporation, or (2) deposited in any
19state or federal savings and loan association but, unless
20otherwise authorized by the court, only to an amount not
21exceeding the amount for which it is insured by the Federal
22Savings and Loan Insurance Corporation, or (3) invested in
23United States obligations and deposited for safekeeping for



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1the account of the ward in a bank or trust company qualified to
2accept and execute trusts in this State, or with the Secretary
3of the Treasury of the United States or in a Federal Reserve
4Bank or in such other agency as may be designated by the
5Secretary of the Treasury, or (4) invested in shares of any
6state or federal credit union to the credit of the ward at
7interest or otherwise to an amount not exceeding the amount
8for which said shares are insured as required by The Illinois
9Credit Union Act or the Federal Credit Union Act, as
10applicable, or (5) deposited in a qualified tuition program
11under Section 529 of the Internal Revenue Code. The receipt of
12the bank or trust company constitutes a voucher for accounting
13purposes. Amounts deposited pursuant to clauses (1), (2) and
14(4) herein, in excess of the amount insured by the United
15States or any agency thereof shall be secured by a surety bond
16taken from a surety authorized to transact business in this
17State in such sum, under such conditions and with such
18security sufficient to save the estate from loss.
19    (b) If a representative of the estate has been appointed
20for a ward, the court may direct the representative to file a
21final account and excuse him from further duty and release him
22and the sureties on his bond, until further order of court.
23    (c) On the petition of the spouse, parent or person
24standing in loco parentis to or having responsibility for the
25custody or support of the ward, the court may order any money
26so deposited or invested to be withdrawn and used for the



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1comfort, support, education or other benefit of the ward or
2his dependents. The petitioner shall appear in open court
3unless his appearance is excused by the court and shall
4furnish such evidence of the necessity for the withdrawal as
5the court may require. The bank of deposit or agency for
6safekeeping shall be released in making payment or delivery
7(1) in accordance with the order of the court, (2) directly to
8the ward upon his attaining legal age or restoration, as the
9case may be, or (3) directly to the representative of the ward
10in case of his death, and in any such case it may not be
11required to see to the application or disposition of the funds
12or property.
13(Source: P.A. 82-415.)