Legal Question in Wills and Trusts in Illinois

Conservatorship

My minor child was awarded a substantial sum after winning an injury accident claim. However, the funds were placed in a restricted account with me (her parent) as conservator and an outside agency as co-conservator. My child is now 12 years old and we are planning to move to another state. What will we have to do to transfer her funds/account to our new home state? Or, will the funds have to remain in Illinois with the outside agency as Co-conservator? Can her funds/account be transferred to our new home state? Please help! Thanks!


Asked on 7/12/04, 11:12 pm

1 Answer from Attorneys
Cyndi Perez Trostin

Re: Conservatorship

Whether you can transfer the funds and how would be set forth in the trust document, or the document under which the outside agency's fiduciary duties are listed.

Many trusts allow for transfer of funds but would maintain Illinois law if there was a dispute of any kind.

Without knowing what type of document is involved, and what type of co-conservator you are working with, I can not get more detailed with my answer.

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Answered on 7/13/04, 9:34 am


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