The Illinois Bond of Distributee-Summary Administration is a bond required by the state of Illinois for individuals appointed to administer the estate of a deceased individual. It is an assurance of faithfulness and fidelity to the duties of the office. The bond guarantees that the distributed will correctly distribute the assets of the estate according to the laws of the state and that they will not commit any breach of trust or misapply any of the funds. There are two types of Illinois Bond of Distributee-Summary Administration: the Individual Bond and the Blanket Bond. The Individual Bond is for a single estate and is tailored to the specific estate, while the Blanket Bond covers multiple estates. The bond must provide coverage for a minimum of $25,000 and the applicant must provide a surety bond, signed by a surety company or individual surety with a minimum net worth of $250,000.
Illinois Bond of Distributee-Summary adminstration
Description
How to fill out Illinois Bond Of Distributee-Summary Adminstration?
Preparing official paperwork can be a real burden unless you have ready-to-use fillable templates. With the US Legal Forms online library of formal documentation, you can be certain in the blanks you find, as all of them correspond with federal and state regulations and are checked by our specialists. So if you need to complete Illinois Bond of Distributee-Summary adminstration, our service is the perfect place to download it.
Obtaining your Illinois Bond of Distributee-Summary adminstration from our service is as easy as ABC. Previously authorized users with a valid subscription need only sign in and click the Download button after they find the proper template. Later, if they need to, users can get the same blank from the My Forms tab of their profile. However, even if you are unfamiliar with our service, signing up with a valid subscription will take only a few minutes. Here’s a brief guide for you:
- Document compliance verification. You should attentively review the content of the form you want and check whether it suits your needs and meets your state law regulations. Previewing your document and reviewing its general description will help you do just that.
- Alternative search (optional). If you find any inconsistencies, browse the library using the Search tab above until you find a suitable blank, and click Buy Now when you see the one you need.
- Account registration and form purchase. Register for an account with US Legal Forms. After account verification, log in and select your preferred subscription plan. Make a payment to proceed (PayPal and credit card options are available).
- Template download and further usage. Choose the file format for your Illinois Bond of Distributee-Summary adminstration and click Download to save it on your device. Print it to complete your paperwork manually, or use a multi-featured online editor to prepare an electronic copy faster and more effectively.
Haven’t you tried US Legal Forms yet? Sign up for our service today to obtain any official document quickly and easily any time you need to, and keep your paperwork in order!
Form popularity
FAQ
Sec. 9-1. Who may act as administrator. A person who has attained the age of 18 years, is a resident of the United States, is not of unsound mind, is not an adjudged person with a disability as defined in this Act and has not been convicted of a felony, is qualified to act as administrator.
Illinois Bond in Lieu of Probate Explained When using this technique, the personal representative purchases a bond from an insurance company. This acts as insurance against the personal representative distributing the estate incorrectly.
An administrator to collect is a representative who has been named by the probate court after that person has put forward a petition for serving in the probate action. That administrator is then charged with preventing waste, embezzlement or loss of probate estate property.
Simplified Probate in Illinois: Summary Administration To request summary administration, you file a written request or "petition" with the local probate court. If approved, you can then immediately distribute the assets without having to jump through the hoops of regular probate.
What is the Difference Between an Executor and an Administrator in Illinois? An Executor is the individual named in a Will to serve as the representative of the Estate. An Administrator is an interested party to an estate who petitions the Probate Court to serve as the Estate representative in the absence of a Will.
Gottlieb, LLC, generally serves as resident agent for its non-resident estate representative clients. The qualifications to serve as an executor or administrator are: 1) individual is 18 years or older; 2) a United States resident; 3) not a convicted felon; and 4) not under a legal disability.
An administrator to collect is a representative who has been named by the probate court after that person has put forward a petition for serving in the probate action. That administrator is then charged with preventing waste, embezzlement or loss of probate estate property.
If a person dies leaving a valid will, and the will names a person who is to execute the will and administer the estate, this person is called an executor. However, when the person in charge of administering the estate is not named in a will, that person is called an administrator.