755 ILCS 5/24-21
2021 Illinois Compiled Statutes|Chapter 755 - ESTATES|755 ILCS 5/ - Probate Act of 1975.|Article XXIV - Accounts

 (from Ch. 110 1/2, par. 24-21)Sec. 24-21. Deposit or investment of money of a ward, subject to  court order.(a)  If the estate of a ward consists only of money, on  the petition of the representative of the estate or of the  representative of an estate of which the ward is a legatee or heir, or  of any other interested person, or on its own motion, the court may, if  it appears practicable and to the best interests of the ward to do so,  order the money (1) deposited in a bank to the credit of the ward at  interest or otherwise but, unless otherwise authorized by the court, only  to an amount not exceeding the amount for which it  is insured by the Federal Deposit Insurance Corporation, or (2)  deposited in any state or federal savings and loan association but, unless  otherwise authorized by the court, only to an  amount not exceeding the amount for which it is insured by the Federal  Savings and Loan Insurance Corporation, or (3) invested in United States  obligations and deposited for safekeeping for the account of the ward in  a bank or trust company qualified to accept and execute trusts in this  State, or with the Secretary of the Treasury of the United States or in  a Federal Reserve Bank or in such other agency as may be designated by  the Secretary of the Treasury, or (4) invested in shares of any state  or federal credit union to the credit of the ward at interest or otherwise  to an amount not exceeding the amount for which said shares are insured  as required by The Illinois Credit Union Act or the Federal Credit Union  Act, as applicable, or (5) deposited in a qualified tuition program under Section 529 of the Internal Revenue Code.  The receipt of the bank or trust company  constitutes a voucher for accounting purposes.  Amounts deposited pursuant  to clauses (1), (2) and (4) herein, in excess of the amount  insured by the United States or any agency thereof shall be secured by a  surety bond taken from a surety authorized to transact business in this  State in such sum, under such conditions and with such security sufficient  to save the estate from loss.(b) If a representative of the estate has been appointed for a ward,  the court may direct the representative to file a final account and  excuse him from further duty and release him and the sureties on his  bond, until further order of court.(c) On the petition of the spouse, parent or person standing in loco  parentis to or having responsibility for the custody or support of the  ward, the court may order any money so deposited or invested to be  withdrawn and used for the comfort, support, education or other benefit  of the ward or his dependents.  The petitioner shall appear in open  court unless his appearance is excused by the court and shall furnish  such evidence of the necessity for the withdrawal as the court may  require.  The bank of deposit or agency for safekeeping shall be  released in making payment or delivery (1) in accordance with the order  of the court, (2) directly to the ward upon his attaining legal age or  restoration, as the case may be, or (3) directly to the representative  of the ward in case of his death, and in any such case it may not be  required to see to the application or disposition of the funds or  property.  (Source: P.A. 102-189, eff. 1-1-22.)