Brooke Astor’s Story
New York socialite Brooke Astor gave her son Anthony Marshall a Power of Attorney over her financial affairs. Unfortunately, he was untrustworthy. In October 2009, Anthony was convicted of fraud and grand larceny relating to his handling of his late mother’s estate. Among other things, he had given himself a retroactive $1 million raise for managing her finances.
Lawyer’s comment: Pick your Attorney for Property carefully, because you are giving him or her a great deal of power. It may seem natural to choose your eldest child, but that person may not have the experience or the interest to look after your property. The person you appoint as your Attorney for Property must be trustworthy, scrupulously honest, able to manage money, and diligent enough to keep complete records. If you have more than one child, you may want to name more than one.