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AFSB 153 Chapter 6 Review Exam Questions With Correct Answers

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AFSB 153 Chapter 6 Review Exam Questions With Correct Answers Describe the general guarantee under a fiduciary bond - answerGuarantees the principal will faithfully perform all duties prescribed by law or by the courts and will demonstrate financial responsibility for the benefit of another ind...

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AFSB 153 Chapter 6 Review Exam Questions
With Correct Answers

Describe the general guarantee under a fiduciary bond - answer✔✔Guarantees the principal will
faithfully perform all duties prescribed by law or by the courts and will demonstrate financial
responsibility for the benefit of another individual or entity.

What are the 5 common responsibilities of fiduciaries? - answer✔✔1. Administering property or
managing financial matters.
2. Promptly advise distributies of fiduciary appointments
3. Prepare and file an inventory and valuation of decedents property
4. Take possession of the estate or leave it with the party to be determined
5. Take the steps that are reasonably necessary to manage, protect, and preserve the estate.
Describe the authority of fiduciaries in handling an estate. Can they hire anyone? Does this need
approval? - answer✔✔Fiduciaries can perform the decedents or other beneficiaries contract,
prosecute and settle claims, and set or propose reasonable admin fees for themselves and others.
When appropriate appropriate, fiduciaries can hire lawyers, accountants, managers and others to
assist. Court must approve of significant discretionary actions.

What are 3 breaches of duty for which a fiduciary can be held liable? - answer✔✔1. Failure to
deal with trust assets in a prudent manner.
2. Failure to use special skills for which the fiduciary was appointed.
3. Dealing with insiders or others for personal benefit.

Describe the purposes of the Uniform Probate Code - answer✔✔Reduces the cost of estate
administrators by eliminating the need for fiduciary bonds in most states.

When does the Uniform Probate Code (UPC) require a fiduciary bond? - answer✔✔UPC
Requires a fiduciary bond only when a will requires one, a 3rd party with a financial interests in
the estate requests on, or a special fiduciary is appointed

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What are the 7 fiduciary Classifications identified by the Surety & Fidelity Association of
America (SFAA)? - answer✔✔1. Bonds in estates of deceased persons or persons presumed
dead because of long absence.
2. Bonds in estates of minors
3. Bond in estates of incompetents
4. Bonds in trust estates
5. Bonds in bankruptcy proceedings filed in the US District Courts
6. Bonds in equity courts or courts exercising equitable jurisdiction
7. Miscellaneous fiduciary bonds

Identify the 7 major duties of administrators and executors - answer✔✔1. Give notice to the
creditors
2. Collect estate assets
3. Complete inventory of the estates
4. Pay claims against the estate
5. Account for all receipts, disbursements and Assets managed
6. Distribute estate assets
7. Apply to court for discharge of admin duties

What/who is an administrator de bonis non (d.b.n) - answer✔✔Individual appointed by a probate
court to replace an original admin who died, resigned, or was discharged before completing the
estate administration.

What is the role of an administrator cum testatmento annexo - answer✔✔Individual appointed
by a probate court to admin the estate of a person who left a will but failed to appoint an
executor, or whose executor did not meet court approval or declined to serve as executor.
What is the role of an administrator cum testatmento annexo, de bonis non. -
answer✔✔Individual appointed to replace original admin cum testatmento annexo who died,
resigned, or was discharged before completing the estate administration

What is the role of an administrator pendente lite? - answer✔✔Individual appointed by a probate
court to temporarily preserve the assets of a decedents estate when the will is contested and
executor cannot qualify, or when a regular or permanent admin cannot be appointed for some
other reason

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