One of the biggest mistakes that you can make with your estate plan is to choose the wrong people to appoint to various administrative roles. If you choose the wrong Trustee, for example, your Trust assets might be lost in bad investments. Unfortunately, many people do not think through who to appoint to various roles. Instead, they appoint relatives without thinking through whether the relative is responsible enough to handle the duties.

This appears to have happened to Zsa Zsa Gabor. She is very ill and unable to handle her own affairs. Her husband has Powers of Attorney to handle her finances and her health care. However, allegations have come out that he has wasted Gabor’s money for his own personal benefit rather than using it to make sure that she is taken care of. He has even denied Gabor’s daughter access to her mother.

Different estate roles have different responsibilities. A person who is good in one role might not be suited for another role. Talk to an estate planning attorney about the different estate administration appointments and how to choose appropriate people for each role.

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Ryan M. DenmanandDennis D. Duffy

Duffy Law Office, PLLC