Monday, November 19, 2012

Dahling, It's the Fiduciary that Matters

Zsa Zsa Gabor's daughter recently convinced the LA county probate court to invalidate the power of attorney held by Zsa Zsa's husband because  he was abusing it.  Her financial affairs are now subject to probate court supervision. 

To avoid the rigors of a guardianship and probate court supervision, an individual should have a financial power of attorney and health care power of attorney.  However, selecting the person to manage those responsibilities is important.  

What we can learn from Zsa Zsa's situation is that a husband is not always the best choice to serve as fiduciary  especially if he if he wants the 94 year old to have a baby, has adopted several adult men, and has claimed to father Anna Nicole Smith's daughter.