John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry? A) John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator. B) John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian. C) John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney.
John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry? A) John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator. B) John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian. C) John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney.
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 34P
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Question #74 of 85
John, 84, has developed Alzheimer's and can no longer care for himself. Prior to becoming incapacitated, John executed a will and a medical power of attorney. John's daughter comes to you, his financial planner, and inquires as to whether she can manage his finances for him, since she is named as the executor of the will and the agent under the medical power of attorney. Which one of the following statements would be a correct response to her inquiry?
A)
John's daughter may not manage his financial affairs unless she is appointed by the court as his conservator.
B)
John's daughter may not manage his financial affairs unless she is appointed by the court as his custodian.
C)
John's daughter may manage his financial affairs because she is appointed as executor of the will and as the agent under the medical power of attorney.
D)
John's daughter may manage his financial affairs because that was his express intent in a conversation you had with him several years ago.
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