I’m going to ask a question here that I would normally ask my own lawyer, and I know this might be problematic for you lawyer types – establishing a lawyer-client relationship and all that. Problem is, my lawyer seems to have stopped working, and I’m doing another thread about firing my lawyer and hiring a new one or trying to do the work myself.
So perhaps there is a way you can impart relevant information to me without delving into legal opinion. I certainly don’t want to burden anyone here with a relationship that has legal connotations. Maybe linking me to a relevant Illinois law? Whatever comments you can make about someone in my general circumstances will be appreciated.
In June of 2008 my uncle Own died – he never married, was childless and didn’t make a will. After a certain amount of family drama I agreed to take on the job of executor, though it seems the more correct term is Administrator. I hired a lawyer in September of 2008.
The lawyer told me I needed to get a “bond” for the estate, so I did. From the brief discussion we had, I got the impression that this was some form of insurance for the estate, presumably against negligent loss or theft of the estate assets – by me, since I’m the only person who can get to the money. FYI, virtually all the assets remaining are in the form of cash. He didn’t own a home, or stocks or bonds, and I have since sold his car. The bond was for the amount of $249,000 and cost $100 per month. It was for the period of October 08 through September 09.
My main question is whether such a bond is required by law, or some kind of CYA thing the lawyer just told me to do. The lawyer didn’t present this as a matter of choice, but since then others have told me that they didn’t have to buy any such bonds when they administered estates. OTOH, I don’t know the details of these other estates, things like whether there was a will, etc. So maybe their circumstances were different than mine.
I have already distributed the bulk of the money – there is only about $5,000 left, and that is in case I have to hire another lawyer to finish whatever remaining details and paperwork the Dupage County court requires.
Am I obliged to renew this bond?