When you establish a Revocable Living Trust, one of the fiduciaries you’ll select is a disability trustee.  This is the person who will step in and take control of your trust in the event that you become mentally disabled to the point that you can’t handle your own financial affairs anymore.  Having a disability trustee allows your family to avoid going to court to have a guardian or conservator appointed to manage your affairs on your behalf.

Your disability trustee will take control of all the money and property you’ve funded into your trust and manage it on your behalf, according to the instructions you’ve provided in your trust agreement.  He or she will ensure that your medical care is paid for and will make sure that the expenses of your day-to-day needs are met, whether you’re living at home or you’ve entered an assisted living facility or a nursing home.  This includes paying any non-family caregivers, as well as paying your bills and managing your investments.

Given the broad powers and heavy responsibilities your disability trustee is likely to shoulder, it’s important that you choose someone who’s responsible, financially savvy, and trustworthy.  It’s also essential that you check with the person you intend to appoint to make sure they’re willing to do the job.  Many people opt for a close family member or friend, but you can also choose a professional trustee like a Trust Company or the Trust department of a bank.  No matter who you select, you’ll want to name an alternate disability trustee in case your first choice is unable to serve when the time comes.

The Law Offices Of Cheryl David is a member of the American Academy of Estate Planning Attorneys.

Tags: disability trustee, Incapacity Planning

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