Illinois Executor / Personal Representative Bond

The bond amount is typically set at 1.5 times (150%) the value of the personal estate if issued by a surety company, or 2 times (200%) the value if issued by an individual surety. The Illinois circuit court sets the final bond amount based on the estate inventory, which includes all personal property (not real estate). If the estate includes income-producing real estate or other special assets, the court may increase the bond amount accordingly.

Illinois executor and personal representative bonds are governed by 755 ILCS 5/12-5 (Illinois Probate Act), which establishes the bond amounts and requirements. The statute also references 755 ILCS 5/12-4 for exemptions and 755 ILCS 5/12-2 for the oath and bond mandate. Individual circuit courts may have additional local rules regarding bond filing procedures, acceptable sureties, and documentation requirements.

Yes, in some cases. If the deceased person's will explicitly waives the bond requirement, the executor may not need to post a bond (this is common when the testator trusts their chosen executor). The bond is also automatically waived for corporate fiduciaries qualified under the Corporate Fiduciary Act. However, for intestate estates (no will), the bond requirement cannot be waived. Additionally, estates under $100,000 in personal property with no real estate may use the Small Estate Affidavit process and avoid formal probate entirely, eliminating the bond requirement.