Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property.
Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property? I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust. II. the conservator may have to file annual reports regarding the status of the assets under his care. III. the conservator may be required to post a performance bond. IV. the conservator has a fiduciary duty to care for the incompetent person's property.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following statements are correct regarding the characteristics of a conservatorship (guardianship of the estate) used to care for an incompetent person's property?
I. the powers of the conservator are set forth in either a revocable living trust or a contingent standby trust.
II. the conservator may have to file annual reports regarding the status of the assets under his care.
III. the conservator may be required to post a performance bond.
IV. the conservator has a fiduciary duty to care for the incompetent person's property.
A) I, II, III, and IV
B) I and II
C) II, III, and IV
D) I and IV
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