It's A Life Estate, Dahling

When Zsa Zsa Gabor died prior to Christmas, it was announced that her 9th husband had 90 days to vacate the Bel Air house she had owned since 1973. She had tried to sell the house several years ago, but finally accepted a lower offer in 2013 on the condition that she be allowed to reside there for the rest of her life. Now that she has died, her residency has terminated and her widower must move. The buyer will allegedly tear down the house.

A few minor points:

1. This arrangement is known as a life estate. Given her paralysis and amputations, I doubt the buyer thought she would live 3 more years.

2. Hugh Hefner allegedly has a similar arrangement for the famed Playboy Mansion.

3. Crazy times we live in when an $11 million property is a tear down.

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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.