Page 32 - Ultimate Guide to Estate Planning

for a disability panel (i.e. consisting of your
treating physician and your spouse/family
member) who make the decision on whether

you are disabled. Once that decisions is made,
the trustee powers transfer from you to your
successor trustee, and that successor trustee
can implement the rules that you've created.

Unlike the will-based estate plan, the

revocable living trust can create rules for your
regaining your competency. In a will-based
plan, you would have to go to court to prove
competency. Also, unlike a will-based estate

plan, you can continue to provide support to
your loved ones. In a will-based estate plan,
the judge, in a conservatorship proceeding,
can only decide to spend money for your
benefit. The court cannot use your wealth to
provide for commitments that you have

routinely made; like education for your
children or charitable contributions to your
church.

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