Ethical Challenges Facing Fiduciaries

What is the biggest challenge facing fiduciaries according to the document?

• Managing the assets effectively

• Communicating with all beneficiaries equally

• Figuring out who their client is

• Avoiding conflicts of interest

According to the document, what should a fiduciary do if a lawyer's client denies their incapacity?

• The fiduciary should move to conserve the client

• The fiduciary should get another attorney to conserve the client

• The fiduciary should disclose information to the client's family

• The fiduciary should ignore the client's denial of incapacity

What should be done if a fiduciary's client is sensitive about health issues and capacity is in question?

• Disclose all health/capacity information to the family

• Only disclose information if the client has consented to certain persons

• Always disclose information to contingent beneficiaries

• Communicate health/capacity information to all beneficiaries

Which of the following is NOT listed as a fiduciary goal in the document?

• Collect and manage assets

• Pay all reasonable debts and expenses

• Distribute to beneficiaries

• Ensure all beneficiaries receive equal shares

What is one of the rules for staying out of trouble as a fiduciary?

• Treat some beneficiaries better based on their needs

• Communicate only with the primary beneficiary

• Hire the proper professional for the job

• Avoid taking pictures of the property

Which of the following is NOT a responsibility of a Trustee?

• Comply with the trust

• Comply with probate laws

• Preserve/invest trust assets appropriately

• Render full accounting

What should be done when a Trust was not funded and combined assets are under $150,000?

• Review assets and get it in the trust with a petition

• Submit a PC13100 affidavit after 40 days of client's decease

• Change the beneficiaries

• Ignore the situation

What is a possible action to take when a trust allocation or sub-trust allocation was not completed?

• Change the Trustee

• Retroactively allocate to the trust to recreate an A/B trust

• Distribute the assets immediately

• Cancel the trust

Which of the following is a duty of a Conservator?

• Comply with the will

• Protect conservatee from harm

• Follow due process with debtors

• Review assets and get it in the trust with a petition

What is a challenge that Trustees may face regarding a bad Trustee situation?

• They can easily change people

• They can ignore the Trustee's actions

• They can't change people

• They can replace the Trustee without any legal process