A special rule in the Uniform Disposition of Unclaimed Property Act [Repealed effective 1/1/18] extends the abandonment time period for certain types of minor accounts established under the Probate Act. 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. That section of the Probate Act enables a court to place a minor’s inheritance money into a custodial account at a financial institution. 755 ILCS 5/24-21. Such accounts “shall not be presumed abandoned earlier than 5 years after the minor attains legal age.” 765 ILCS 1025/2(f) [Repealed effective 1/1/18]. We do not believe that this rule applies to all minor accounts, but only to minor accounts holding inheritance money that are established under that section of the Probate Act.
Does Illinois law prevent minor accounts from being reported as unclaimed property after five years of dormancy?
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