Which statement is not true about Ethics?
a. Fiduciaries whose license is in good standing with the Professional Fiduciaries Bureau may
be considered as alternatives to family members by probate judges.
b. An ethical person does the right thing by conforming to professional standards of conduct.
c. Ethical conduct is considered a "lower" standard of conduct than a legal standard.
d. Conservators, both family members and professional fiduciaries, are expected to adhere
to the Professional Fiduciaries Code of Ethics. - ANSWER Everyone appointed as a conser-
vator, professional or not, must sign and acknowledge Judicial Council Form GC-348 DUTIES
OF CONSERVATOR AND ACKNOWLEDGEMENT OF RECEIPT OF CONSERVATORS HANDBOOK.
Answer: C
In protecting the conservatee's confidentiality, which of the following would the conservator
not do?
a. Limit information disclosure only to what is necessary and relevant.
b. Tell the conservatee's ex-wife about his terminal illness.
c. Refuse to discuss information that may be detrimental to the well-being of the client.
d. Assist the conservatee in communicating sensitive information. - ANSWER The conser-
vator "stands in the shoes" of the conservatee. Only that information that is in the best in-
terest of the conservatee should be disclosed. Answer: B
Which one of the following is an ethical issue for the conservator?
a. Never exceeding your legal authority.
b. Taking extra money out of the conservatee's account for your expenses.
c. Thorough and accurate documentation of your conservatee's financial matters.
d. Not being influenced by the un-ethical behavior of fellow professionals. - ANSWER It's
not your money. Don't touch it. Expenses for the conservatorship estate should be paid with
estate assets. Conservators who incur out of pocket expenses must include those in their pe-
tition for fees. Answer: B
1
, In hiring an attorney for the trust, which one of the following statements would not be a
good choice?
a. Hire an attorney with experience in trusts.
b. Get references from friends if you do not know an experienced trust attorney.
c. Changing an attorney either in a court supervised trust requires the filing and the court
approval of a Substitution of Attorney.
d. An attorney with experience in real estate would be suitable. - ANSWER Attorneys, like
many professionals, specialize in specific areas of the law. There are very few general prac-
tice attorneys. Answer: D
The administrative duties of a fiduciary do not include which statement?
a. Knowledge that, in some instances, the terms of the trust override the CA Probate Code.
b. Terms of the trust are to be followed explicitly, even if those terms dictate something ille-
gal.
c. The Court will evaluate your decisions concerning trust administration.
d. Trust administrator is expected to fulfill their duties using care, skill and caution. - AN-
SWER When in doubt—PETITION THE COURT FOR INSTRUCTIONS. Answer: B
The fiduciary is expected to remain impartial and in doing so, would not do which of the fol-
lowing?
a. Uphold the directives of the trust.
b. Communicate fairly with each party.
c. Follow directions from the heirs to invest aggressively in questionable stocks.
d. Not allow your personal feelings to influence your decisions. - ANSWER Trusts can allo-
cate certain powers to a beneficiary who is not named as a co-trustee. A beneficiary may
have the power to direct specified investments or direct all investments leaving the trustee
with bookkeeping responsibilities only. The beneficiary with these powers is held to the
same standards for prudent investments. Answer: C
Fiduciary responsibilities to the trust do not include which one of the following?
2
a. Fiduciaries whose license is in good standing with the Professional Fiduciaries Bureau may
be considered as alternatives to family members by probate judges.
b. An ethical person does the right thing by conforming to professional standards of conduct.
c. Ethical conduct is considered a "lower" standard of conduct than a legal standard.
d. Conservators, both family members and professional fiduciaries, are expected to adhere
to the Professional Fiduciaries Code of Ethics. - ANSWER Everyone appointed as a conser-
vator, professional or not, must sign and acknowledge Judicial Council Form GC-348 DUTIES
OF CONSERVATOR AND ACKNOWLEDGEMENT OF RECEIPT OF CONSERVATORS HANDBOOK.
Answer: C
In protecting the conservatee's confidentiality, which of the following would the conservator
not do?
a. Limit information disclosure only to what is necessary and relevant.
b. Tell the conservatee's ex-wife about his terminal illness.
c. Refuse to discuss information that may be detrimental to the well-being of the client.
d. Assist the conservatee in communicating sensitive information. - ANSWER The conser-
vator "stands in the shoes" of the conservatee. Only that information that is in the best in-
terest of the conservatee should be disclosed. Answer: B
Which one of the following is an ethical issue for the conservator?
a. Never exceeding your legal authority.
b. Taking extra money out of the conservatee's account for your expenses.
c. Thorough and accurate documentation of your conservatee's financial matters.
d. Not being influenced by the un-ethical behavior of fellow professionals. - ANSWER It's
not your money. Don't touch it. Expenses for the conservatorship estate should be paid with
estate assets. Conservators who incur out of pocket expenses must include those in their pe-
tition for fees. Answer: B
1
, In hiring an attorney for the trust, which one of the following statements would not be a
good choice?
a. Hire an attorney with experience in trusts.
b. Get references from friends if you do not know an experienced trust attorney.
c. Changing an attorney either in a court supervised trust requires the filing and the court
approval of a Substitution of Attorney.
d. An attorney with experience in real estate would be suitable. - ANSWER Attorneys, like
many professionals, specialize in specific areas of the law. There are very few general prac-
tice attorneys. Answer: D
The administrative duties of a fiduciary do not include which statement?
a. Knowledge that, in some instances, the terms of the trust override the CA Probate Code.
b. Terms of the trust are to be followed explicitly, even if those terms dictate something ille-
gal.
c. The Court will evaluate your decisions concerning trust administration.
d. Trust administrator is expected to fulfill their duties using care, skill and caution. - AN-
SWER When in doubt—PETITION THE COURT FOR INSTRUCTIONS. Answer: B
The fiduciary is expected to remain impartial and in doing so, would not do which of the fol-
lowing?
a. Uphold the directives of the trust.
b. Communicate fairly with each party.
c. Follow directions from the heirs to invest aggressively in questionable stocks.
d. Not allow your personal feelings to influence your decisions. - ANSWER Trusts can allo-
cate certain powers to a beneficiary who is not named as a co-trustee. A beneficiary may
have the power to direct specified investments or direct all investments leaving the trustee
with bookkeeping responsibilities only. The beneficiary with these powers is held to the
same standards for prudent investments. Answer: C
Fiduciary responsibilities to the trust do not include which one of the following?
2
