Q: In Illinois does a settlement for a minor have to be put into a trust fund if it doesn't exceed $10,000?
A: No. $10,000 is the threshold for both getting the probate court involved with the opening of a minor's estate and placing the funds in an acceptably safe, long term (or until majority reached) investment vehicle that the court would have to approve. It's not just the settlement amount, but the what the net is to be received by the minor. If the proceeds to the minor is less than $10,000, then no minor's estate is required or needed.
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