IL HB0162

Amends the Probate Act of 1975 to add Section 11-13.4 requiring financial institutions to inquire about court orders when opening guardianship accounts for minors and to obtain court authorization before releasing funds from such accounts.

Modifies Section 25-1 to include financial institutions (banks, credit unions, investment companies, savings banks, securities dealers, trust companies) alongside persons and corporations in small estate affidavit procedures for decedents' estates.

Requires guardians establishing accounts for minors pursuant to court order to present the court order to the financial institution at account opening.

Adds new subsection (a-5) to Section 25-1 requiring court orders before financial institutions can pay debts or transfer property from small estates, with judges granting orders upon presentation of affidavit, proof of notice to heirs/legatees, and a petition showing the affidavit was not fraudulently executed.

Specifies that financial institutions must inquire about existing court orders before acting on small estate affidavits and establishes duties regarding document examination and approval before releasing funds.