Standards for Financial Decision Making: Legal, Ethical, and Practical Issues

© 2012 Robert B. Fleming, a partner in the Tucson law firm of Fleming & Curti, P.L.C
© 2012 Rebecca C. Morgan, the Boston Asset Management Chair in Elder Law, the Director of the Center for Excellence in Elder Law at Stetson University College of Law and the Director of Stetson’s online L.L.M. in Elder Law.

Course Level: Intermediate

Written by: Robert B. Fleming, Esq. & Rebecca C. Morgan

Course Material: Download

Instructions:

Read the course material and take the 36-question test below.
You will need to enter your payment information before you can submit your test for grading.
A passing score is 75%. There are 100 possible points.
You will be notified of your test score within two weeks by email. If you receive a passing score, a certificate will also be emailed.

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Test Questions
1. A standard is synonymous with a duty.*
- True
- False
2. A standard is enforceable by law.*
- True
- False
3. Under the Uniform Guardianship and Protective Proceedings Act (UGPPA), a guardian of the estate is a fiduciary and must observe the standards of care applicable to a trustee.*
- True
- False
4. Under UGPPA, a guardian is the same as a trustee.*
- True
- False
5. According to the National Probate Court Standards, probate courts should appoint as fiduciaries only those people who are:*
- A) Aware of and understand the duties of the office
- B) Competent to serve
- C) Capable of performing effectively
- D) All of the above
6. A guardian of the estate is a fiduciary.*
- True
- False
7. According to the article, the guardian of the estate does owes an obligation to the protected person by:*
- A) Allowing the protected person to participate in decision making
- B) Learning the personal values of the protected person
- C) Asking the protected person about his/her desires
- D) All of the above
8. Under UGPPA, it is possible for a protective order to be entered without the finding that the protected person is incapacitated.*
- True
- False
9. According to NGA Standards, a guardian never has to involve the ward in decision-making.*
- True
- False
10. A goal of a guardian is to include a ward’s participation and pre-incapacity wishes into the decision making process.*
- True
- False
11. The following are possible sources of standards:*
- A) NGA’s Standards of Practice and Code of Ethics
- B) National Probate Court Standards
- C) Council for Accreditation for Guardians of Adults
- D) All of the above
12. State law requires guardians to use best practices.*
- True
- False
13. In re Guardianship of Stephens, the court noted that adherence to Standards by professional fiduciaries is one of the significant differences between professional and family fiduciaries.*
- True
- False
14. In additional to the NGA, some states have adopted additional standards of practice for guardians.*
- True
- False
15. Which of the NGA Standards are specific to a Guardianship of the Estate:*
- A) 7, 11, 15, and 17
- B) 3, 17, 24, and 25
- C) 17, 18, 19, and 20
- D) 12, 13, 14, and 15
16. Under the NGA’s Ethics Code, it is never permissible for the guardian to make charitable contributions on behalf of the ward.*
- True
- False
17. Under which NGA Standard would a guardian rely on in continuing a pattern of giving small donations to charities or a church?*
- A) 7
- B) 4
- C) 6
- D) 10
18. Which NGA Standard provides for the ward to manage a small amount of money?*
- A) 7
- B) 8
- C) 9
- D) 10
19. NGA Ethics Code requires that guardians:*
- A) Competently manage the property and income of the estate
- B) Exercise intelligence, prudence and diligence
- C) Avoid self-interest
- D) All of the above
20. National Probate Court Standards are the same as NGA Standards.*
- True
- False
21. NGA Standards focus on:*
- A) Office Administration
- B) Caseload Management
- C) Effective use of judicial resources
- D) None of the above
22. State statutes must be consulted to determine the duties, obligations and methods that apply to guardians in making financial decisions.*
- True
- False
23. Modern Portfolio Theory requires as an essential task, that the investor determine the level of risk acceptable in the circumstances, AND that once that determination is made, the investment return can be managed by managing risk.*
- True
- False
24. Under modern portfolio theory, risk and return can be managed by portfolio diversification.*
- True
- False
25. The Prudent Person Rule is the same as the Prudent Investor Rule.*
- True
- False
26. Application of the prudent investor rule will require a fiduciary to:*
- A) Make a risk assessment
- B) Set priorities for income, growth, and preservation of principal
- C) Both A and B
- D) Neither A or B
27. The prudent investor rule does not requires the following:*
- A) Duty to minimize costs
- B) Impartial treatment of beneficiaries
- C) Low risk investments
- D) Application of modern portfolio theory
28. NGA Standards require that a guardian apply the Prudent Person Rule and the Prudent Investor Rule when managing an estate.*
- True
- False
29. When a ward has been financially exploited, the guardian must always pursue legal action against the perpetrator.*
- True
- False
30. A guardian may only need to address ongoing or future exploitation rather than pursue redress of past exploitation.*
- True
- False
31. A ward’s financial plan and health care plan must be coordinated.*
- True
- False
32. The guardian has the responsibility to make financial decisions a ward might make if the ward had the capacity to do so.*
- True
- False
33. A Representative Payee is a de facto guardianship arrangement used to help with the management of large estates.*
- True
- False
34. Even if a guardian of the estate has been appointed, the Social Security Administration will make its own determination of the need for the representative payee and will select and appoint the payee according to its own process.*
- True
- False
35. NGA Standard 18 requires that the guardian obtain all public and insurance benefits for which the ward is eligible.*
- True
- False
36. When the ward’s resources are depleted, the guardianship should be terminated.*
- True
- False
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