(a) On application of the guardian of the property of an adult ward, or any interested party, and after notice to all interested persons and to such other persons as the court may direct, and on a showing that the ward will probably remain incompetent during that ward's lifetime, the superior court may, after hearing and by order, authorize the guardian of the property to apply such principal or income of the ward's estate that is not required for the support of the ward during that ward's lifetime or for the support of those persons who are legally dependent upon such ward toward the establishment of an estate plan for the purpose of minimizing income, estate, inheritance, or other taxes payable out of the ward's estate. The court may authorize the guardian of the property to make transfers of the ward's personal or real property, outright or in trust, on behalf of the ward, upon a finding that a competent reasonable person in the ward's circumstances would make the transfers and that there is no evidence that the ward, if competent, would not make the transfers and shall take into consideration the following factors:

(1) The value of the entire estate of the ward, other sources of support available to the ward, and the income produced thereby;

(2) The probable expenses for support, care, and maintenance of the ward and for the support of those persons who are legally dependent upon such ward for the remainder of the ward's lifetime in the standard of living to which the ward and such legally dependent persons have become accustomed;

(3) The identity of the proposed transferees, and in particular whether they are natural objects of the ward's bounty by relationship or prior behavior of the ward;

(4) The purpose and estate planning benefit to be derived by the transfer as well as the possible harm to any interested party; and

(5) Any previous history of or predisposition toward making similar transfers by the ward.

(b) Any party in interest who shall bring a petition under this Code section, including the guardian of the person or the guardian of the property, shall be eligible to receive transfers under this Code section provided such party in interest is shown to be a natural object of the ward's bounty by relationship or prior behavior of the ward.

(c) The court shall appoint a guardian ad litem for the ward and any minor interested party and the court may appoint a guardian ad litem at any stage of the proceedings, if deemed advisable, for the protection of any other interested party.

(d) Modifications of an approved plan may be made by similar application to the court.