Answer the following statements true (T) or false (F)
1. If the court appoints an administrator, the document given to him is called “Letters of Administration.”
2. The personal representative will take an oath stating that she will faithfully fulfill her fiduciary duties.
3. The bundle of obligations the personal representative has is called “fiduciary duties.”
4. One of the duties of the personal representative is to give notice to find beneficiaries.
5. Most states do not require bond of the personal representative.
1. T
2. T
3. T
4. T
5. F
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If a person isdeclared legally incompetent,
A. the courtssupervise the day-to-day financial affairs of the guardian. B. the finding cannot be reversed at a later time. C. the guardian must periodically report to the court. D. All of the above.
Which of the following funds are deposited into a trust account?
a. funds from the sale of real estate b. funds from judgments and settlements c. fee advances d. debtor’s payments to a creditor e. all of the above
A database in a law firm usually contains ________ information
a. confidential b. unnecessary c. questionable d. disorganized
Punitive damages may be recoverable in cases involving gross negligence
Indicate whether the statement is true or false