Detailed Answer
Intestate Succession in Illinois
When someone dies without a will in Illinois, their assets pass by intestate succession under 755 ILCS 5/2-1. If a parent dies and leaves a minor child, that child inherits a share of the estate. However, minors cannot hold property outright. Illinois law appoints a guardian or custodian to manage the inheritance until the child reaches majority.
Probate and Appointment of an Administrator
To protect the minor’s inheritance, an interested party must petition the circuit court for Letters of Administration (755 ILCS 5/11-1). The court names an administrator who gathers assets, pays debts, and safeguards the estate for heirs.
Guardianship of the Estate
Under 755 ILCS 5/11-7, the court must appoint a guardian of the minor’s estate if the minor inherits. The guardian manages and invests funds responsibly. Key duties include:
- Filing an initial Inventory and Annual Account (755 ILCS 5/11-6).
- Investing conservatively under the Illinois Probate Act.
- Seeking court approval before major transactions.
Blocked Accounts and Custodial Transfers
Illinois prohibits releasing a minor’s inheritance until age 18 without court approval. To simplify management, parties often use the Uniform Transfers to Minors Act (760 ILCS 23/10). A custodian holds assets until the minor turns 21, controls distributions for the minor’s benefit, and avoids ongoing court supervision.
Protective Court Oversight
The circuit court retains oversight of the guardian and administrator. The court may authorize partial distributions for health, support, education, or maintenance before majority. A final accounting closes the estate once the minor reaches adulthood.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. Consult a licensed Illinois attorney to address your specific situation.
Helpful Hints
- Start probate promptly by filing for Letters of Administration.
- Request appointment of a guardian of the estate for any minor heir.
- Consider a Uniform Transfers to Minors Act account to reduce court involvement.
- Keep detailed records of all expenditures and investments.
- Obtain court approval before major transactions affecting the minor’s funds.