CHICAGO – A bill sponsored by State Rep. Jeff Keicher, R-Sycamore, was signed into law recently, which now allows minors who inherit estate funds to deposit that money into a college tuition program.
Illinois Gov. JB Pritzker signed House Bill 814 into law last week, according to a news release from Keicher’s office. The legislation was introduced and sponsored by Keicher, which amends the state Probate Act to provide that if the estate of a ward consists only of money, the court may order, among other dispositions, that the money be deposited in a qualified tuition program.
This change in state law now allows probate money inherited by minors to be used in a 529 college savings plan. Courts now have this additional option to enable a young heir to use estate funds to save for college.
In a statement, Keicher said the bill was inspired by a constituent, and said he was “proud to bring forward.”
“If others in our community have an idea for legislation, please feel welcome to contact my district office,” Keicher said. “I welcome suggestions and feedback from constituents on ways that we can make state laws more truly reflect the needs and priorities of our residents. Others in our community have inspired change. You can too.”