Posted by Mona O'Connor | Aug 16, 2023 |
A living trust, also known as a revocable trust, is a popular estate planning tool that allows people to avoid probate; eliminate, defer, or lower estate taxes; and distribute money and property to their beneficiaries at death. Another major benefit of living trusts is that they help the trustmaker (i.e., the grantor, trustor, or settlor) arrange for the management of the trust's money and property should they become disabled, ill, or the victim of age-related decline. In addition to defining incapacity, the trustmaker can choose a group of people to determine if the definition of incapacity has been met. The trust documents can leave this decision to a doctor or the court, or the trustmaker can instead name a private disability panel. Read this blog to learn more about utilizing a disability panel in your living trust in the event you become incapacitated.