An Illinois personal representative bond is not always required under Illinois law. Per 755 ILCS 5/12-4, "no security is required of a person who is excused by the will from giving bond or security, the court has cause to suspect the representative of fraud or incompetence or believes that the estate of the decedent will not be sufficient to discharge all the claims against the estate, or in the case of a testamentary guardian that the rights of a ward will be prejudiced by failure to file an Illinois representative bond." A probate bond may also be waived if the value of the estate is very small and/or the representative is a corporate fiduciary.
Per 755 ILCS 5/12-5, the personal representative bond must be issued in an amount not less than one and one half (1 1/2) times the value of the estate if a surety company provides bond. If the representative takes possession of the decedent's real estate, the probate bond must be executed in such additional amount as the court determines, having regard to the income from said real estate. Pursuant to Subsection (b), if the estate involves a wrongful death claim, the the Illinois personal representative bond must contemplate the amount likely to come into his or her hands as proceeds of the judgment or settlement.
There are many statutory duties imposed on a court-approved personal representative or administrator. Surety companies generally require the participation of an attorney-at-law in all probate matters administrated by a non-attorney fiduciary.
Identify legal counsel that specializes in estate cases on Martindale's website.
Underwriting of fiduciary bonds requires review by a surety specialist with knowledge of the statutes that regulate the activity of personal representatives in the jurisdiction where the bond will be filed. Illinois surety bond leader, Surety One, Inc., specializes in fiduciary bonds. We offer probate bonds in all fifty states, Puerto Rico, Canada and U.S. Virgin Islands. Application submissions are reviewed and quoted on the same day as they are received. We are the MOST RESPONSIVE Illinois probate bond underwriter. Call (800) 373-2804, email us at Underwriting@SuretyOne.com or chat with us live here about your Illinois personal representative bond need.
Surety bond application review and quoting are free of charge. There is no obligation to purchase.