Tuesday, November 13, 2012

Zsa Zsa's case shows importance of naming a fiduciary

I've always believed that there is something we can learn about our own estate planning by looking at the unfortunate situations of those who are famous and in the news. Zsa Zsa Gabor is one such person whose estate planning woes are broadcast for everyone to see. Those of us who are not celebrities have the same issues and concerns; they are just not as visible to the world.

I've attached a link here to a story from the American Academy of Estate Planning Lawyers that talks about Ms. Gabor's case. Click here to read it. Because the story is American, you'll find the language a little different. A "fiduciary" as referred to in this article refers to a trustee and someone acting under a Power of Attorney. The overall message? Your estate planning should include planning for disability, not just for your eventual death, and that you need to be pretty darn careful about who you put in charge.

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