a) When a representative takes possession of real estate of a decedent or ward, the bond shall be for an amount not less than 1 1/2 times the estimated gross annual income of the real estate if a surety company acts as surety, and not less than double the estimated gross annual income of the real estate if individuals act as sureties, in addition to the amount of the bond required by Section 12-5 [755 ILCS 5/12-5] or Section 12-6 [755 ILCS 5/12-6], as the case may be, for the personal estate of the decedent or ward.
(b) The name of each principal and individual surety must be written in full in the body of the bond of a representative and in the signatures to the bond. When the signature is by mark, it must be witnessed by a person not a party to the bond. The bond shall be acknowledged in accordance with the Illinois Uniform Recognition Acknowledgment Act, 5 ILCS 260/1.
(c) An individual bond of an executor or a testamentary guardian is required even though the will waives bond or security.
(d) Before a bond with individual sureties is proffered, the representative shall file a petition with the court stating the approximate net worth of each of the proposed sureties, the estimated amount of claims against the estate and a statement as to whether or not all persons entitled to participate in the distribution of the estate as heirs or legatees are adults and consent to the approval of the bond with the proposed individual sureties. The consents of such persons shall be attached to the petition.
(e) When a representative offers a new bond under Section 12-11 [755 ILCS 5/12-11], the court may require that the representative establish that assets stated to be on hand are on hand before the account and the new bond are approved and before the surety on the old bond is discharged.
[Amended August 8, 1996, effective September 3, 1996.]