Taking Control of Assets

What is the primary concern of a fiduciary when making decisions on behalf of a client?

• To ensure no harm befalls the client

• To make a profit for the fiduciary

• To act on the fiduciary's personal interests

• To maintain public access to the client's assets

Which of the following is NOT a responsibility of the Personal Representative of the Estate?

• Collect all income, entitlements, and money due

• Make an inventory of assets for personal use

• Pay bills on time and create a management plan

• Invest assets prudently to meet the needs of the person

What is considered real property?

• Stock certificates and promissory notes

• Furniture and vehicles

• Buildings and anything attached to them

• Crops and timber, unless they are severed

When locating and marshaling assets, what is recommended to do if possible?

• Go alone to the residence

• Go with someone (witness)

• Ignore where important papers are kept

• Leave the space cluttered

When taking control of assets as a conservator, what must you do with bank statements, CDs, passbooks, and old checks?

• Shred them immediately to protect privacy

• Catalog and make lists, take photos

• Send them back to the bank for archiving

• Dispose of them if they are older than a year

What should be done with securities that are found in a Security Deposit box?

• They should be sold immediately

• They should be transferred to a brokerage account in the street name

• They should be given to the conservatee

• They should be kept in the Security Deposit box until the conservatee requests them

Under a temporary conservatorship, what is the conservator not permitted to do?

• Sell or relinquish property

• Marshall assets and establish accounts

• Contract on behalf of the conservatee

• Obtain powers by court order

According to the Duties-Probate code 2400, what is required of conservators?

• To maintain or terminate insurance only

• To employ accountants and advisors without court order

• To provide ordinary care and diligence

• To collect debts owed to the conservator

Which of the following is not a power granted to a conservator under the Estate powers-Probate Code 2450-2468?

• To collect debts owed to the conservatee

• To purchase tangible personal property

• To employ an attorney without court order

• To maintain real property

According to the Probate Code 8540, under what circumstances may immediate appointment of a special administrator be dictated?

• Specific term

• Specific acts, or as the court orders

• With or without court order

• When the estate has no debts