Securing a major settlement for a child that was severely injured either in an auto accident, animal attack or any other catastrophic injury event is undoubtedly a hard-fought victory for counsel, particularly if the child resides in a different state. Months pass and as litigation reaches fever pitch and depositions feel like walking into the coliseum, you finally secure a favorable policy-limits tender or even a settlement that runs in the millions of dollars. After the tort is executed, the liability carrier is ready to fund, and the child’s family can breathe a collective sigh of relief. At this point, only administrative steps remain in order to secure court approval in Illinois in order to not only distribute the proceeds, but also to collect your contingency fee. 

However, as with most things minor probate, the journey usually doesn’t end here, and you’re informed that under the Illinois Probate Act, a minor cannot legally accept, manage or disburse settlement funds that are over $10,000 without the formal appointment of a Guardian of the Estate, or GAL. In order to secure Letters of Office, the court has a prerequisite: the child’s guardian or custodial parent must post what’s known as a surety bond, which is usually 1.5 times the gross value of the estate, and in the case of a corporate surety, double the value for personal sureties. However, when the parent’s credit profile is examined, a litany of debt collections, low credit scores, bankruptcies and even foreclosures are discovered, which leads to the rejection of the parent’s or guardian’s application. In such instances, an experienced Illinois minor probate law firm is needed to restructure this arrangement so that not only the child’s funds are disbursed in a timely manner, but also your contingency fee is finally released to your firm – read on to find out how we can best facilitate this on your behalf. 

How an Illinois Probate Attorney Can Help Resolve Surety Bond Denials

Are you looking for the best Illinois probate attorney for minor settlements? Please call the probate attorneys at McCready Law NOW at (314) 481-63338 to learn more about how we can help you obtain Illinois court approval for your minor settlement. The experienced Illinois probate attorneys at McCready Law bring to the table combined experience spanning over 90 years where we have helped attorneys from across the country navigate the Illinois probate system with speed, efficiency, and reliability. To date, we have recovered over $500 million for our clients, and our expertise in all areas of the law as well as our personable and efficient approach place us at a level that is unheard of in probate law. We take on cases on an agreed-upon flat fee basis, and the first call to us is consulted on a 100% FREE basis. 

Regardless of where you are in the country, McCready Law can assist with your Illinois probate minor settlement approval, and we will handle the entire process from start to finish so you can focus on your practice while we handle the Illinois court approval. Need to speak to someone regarding the potential for a fast and efficient Illinois probate approval? Call us NOW at (314) 481-63338 to learn more about our flat-fee probate services – our intake coordinator is standing by to route your call to one of our experienced attorneys.

Bypassing Surety Bond Issues Related to Illinois Minor Probate for Out-of-State Counsel

When a parent is unable to qualify for a surety bond on account of poor credit or past bankruptcies and other adverse financial events, you do not need to petition for a costly public administrator or corporate fiduciary since this only take money out of the minor’s estate, angering an already impatient family. Instead, using a legal maneuver under the Illinois Probate Act ensures that the surety bone requirement is eliminated as per the law. Under 755 ILCS 5/24-21, the probate court has statutory authority to either waive or reduce the bond requirement drastically by ordering that the settlement funds be deposited specifically into a restricted depository account or a structured settlement annuity that is approved by the court. 

As your local partner with regard to probate counsel, we resolve surety bond rejections in a number of ways:

1. Restructuring the Petition Under 755 ILCS 5/24-21: We draft and present an amended petition for appointment and settlement approval which features heavy restricted depository terms. By making it unlawful for the depository bank to withdraw any funds from the account without a prior written order of the probate court, the risk to the estate is reduced, which allows the judge to waive the surety bond under statutory authority. 
2. Separation of Attorney Fees from Litigation Expenses: In order to ensure trial counsel gets paid in a timely manner, our proposed approval order separates the contingency fee from your firm as well as the advanced litigation expenses from the funds that are to be transferred into the minor’s account. Our order states that the insurance carrier must issue a separate and immediate check directly to your firm so you can disburse your fee upon entry of the order. 

Illinois Minor Probate Referral Law Firm – Call Us Today!

These are two of many legal tactics we deploy in order to ensure your funds are not held up in the minor’s depository. An Illinois surety bond denial doesn’t have to spell anticlimactic end to your months of work processing your minor client’s file. If you are looking for a firm that understands Illinois minor probate from the inside out, McCready Law is that firm. Please give us a call NOW at (314) 481-63338 to learn more about our flat fees for Illinois minor probate referrals regardless of where you are in the country. Thanks for choosing us, and we look forward to collaborating with you.