Estate planning; disposition of protected person's assets;
renunciation or disclaimer of interests
Sec. 4. (a) Upon petition of the guardian (other than a temporary
guardian) or any other person as approved by the court, and after
notice to such persons as the court may direct, the court may, after
hearing and by order, authorize the guardian to apply or dispose of
the principal or income of the estate of the protected person that the
court determines to be in excess of that likely to be required for the
protected person's future support or for the future support of the
protected person's dependents during the lifetime of the protected
person, in order to carry out the estate planning that the court
determines to be appropriate for the purposes of minimizing current
and prospective income, estate, or other taxes. The court may
accordingly authorize the guardian to make gifts, outright or in trust,
on behalf of the protected person to or for the benefit of the
prospective legatees, devisees, or heirs, including any person serving
as the protected person's guardian, or to other individuals or
charities, to whom or in which it is shown that the protected person
had an interest. In addition, the court may also authorize the guardian
to:
(1) apply or dispose of the excess principal or income for any
other purpose the court decides is in the best interests of the
protected person or the protected person's property, spouse, or
family;
(2) exercise or waive the right of the protected person to
renounce or disclaim any interest in whole or in part devolving
by testate or intestate succession or by inter vivos transfer,
including the right of the protected person to surrender the right
to revoke a revocable trust; or
(3) exercise or release any power of appointment that is vested
in the protected person.
(b) In a hearing upon a petition filed under subsection (a), the
court shall determine whether the planned disposition, renunciation,
disclaimer, release, or exercise is consistent with the apparent
intention of the protected person, which determination shall be made
on the basis of evidence as to the declarations, practices, or conduct
of the protected person or, in the absence of that type of evidence,
upon the court's determination as to what a reasonable and prudent
person would do under the same or similar circumstances as are
shown by the evidence presented to the court.
(c) The guardian may examine the will of the protected person.
As added by P.L.169-1988, SEC.1.
Last modified: May 27, 2006