Detailed Answer
When an individual is appointed as an administrator of an estate in Illinois, the Probate Act (755 ILCS 5/) establishes several layers of oversight to ensure the administrator fulfills fiduciary duties and meets bond requirements. These safeguards protect the estate, beneficiaries, and creditors.
1. Probate Bond Requirement
Under 755 ILCS 5/23-1, the court generally requires an administrator to post a bond. The bond amount equals at least the value of the estate’s personal property plus anticipated income. A surety company guarantees payment if the administrator mismanages assets. Learn more: 755 ILCS 5/23-1.
Some wills waive the bond requirement under 755 ILCS 5/23-4.5. However, if heirs or creditors object, the court can still demand a bond: 755 ILCS 5/23-4.5.
2. Inventory and Appraisal
Pursuant to 755 ILCS 5/21-1, the administrator must file a complete inventory of all estate assets—real and personal—within 90 days after appointment. This inventory establishes the bond level and provides a baseline for future accounting: 755 ILCS 5/21-1.
3. Accounting and Reporting
The administrator must submit periodic accountings to the court under 755 ILCS 5/28-1. These statements detail all receipts, disbursements, fees, and distributions. Creditors and beneficiaries receive notice and may object to any transaction: 755 ILCS 5/28-1.
4. Court Oversight and Removal
The probate court reviews petitions for approval of the accounting and final distribution. If the administrator breaches duties—delays accounting, misappropriates funds, or fails to notify creditors—the court can remove the administrator and appoint a successor under 755 ILCS 5/28-7. The court may also surcharge the administrator for losses: 755 ILCS 5/28-7.
5. Bond Claims and Surety Liability
If administrators breach their fiduciary duty or fail to distribute assets properly, beneficiaries or creditors may file a claim against the bond. The surety must reimburse the estate up to the bond limit. The administrator remains personally liable beyond surety payments if losses exceed the bond.
Together, these mechanisms—bond posting, inventory, mandatory accounting, court supervision, and surety backup—ensure accountability and protection of estate assets in Illinois probate proceedings.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a qualified attorney for guidance on your specific situation.
Helpful Hints
- Confirm whether the will waives bond under 755 ILCS 5/23-4.5; be prepared to petition if others object.
- File the inventory promptly to establish bond value and avoid surcharges.
- Maintain accurate records and receipts for every estate transaction.
- Review each accounting invoice and object in writing if you suspect mismanagement.
- Act quickly if you need to petition for removal or file a bond claim—statutory deadlines apply.