IL HB0814

Amends the Probate Act of 1975, Section 24-21, to allow ward estate money to be invested in qualified tuition programs under Section 529 of the Internal Revenue Code as an additional investment option.

Expands existing investment options for ward estates that consist only of money, which previously included bank deposits, savings and loan deposits, United States obligations, and credit union shares.

Maintains existing court oversight requirements, allowing courts to order deposits or investments based on petitions from estate representatives, interested persons, or the court's own motion if deemed practicable and in the ward's best interests.

Preserves all existing protections including Federal Deposit Insurance Corporation coverage limits, surety bond requirements for amounts exceeding insured limits, and the ability to withdraw funds for the ward's comfort, support, education, or benefit.