Ch 2: Ethics for the Estate Planner Flashcards Preview

Fundamentals of Estate Planning > Ch 2: Ethics for the Estate Planner > Flashcards

Flashcards in Ch 2: Ethics for the Estate Planner Deck (11):

Define the three purposes of ethics.

1. Govern behavior not appropriately regulated by law.
2. Supplement legal sanctions and condemnation with moral disapproval.
3. Encourage behavior to go beyond what’s required by law


a) Ethical actions are chosen...
b) Compliance behaviors are chosen...

a) freely
b) to avoid punishment


What are the "six ethical principles" of a professional?

1) Integrity
2) Objectivity
3) Fairness
4) Competence
5) Diligence
6) Confidentiality


What is consisted "Unauthorized Practice of Law"?

No precise definition of the "unauthorized practice of law", however one cannot: draft or file certain documents, or represent in court.


How can the following individuals assist in providing assist in the estate planning process so your not accused of "unauthorized practice of law"?

a) state license attorney = ________
b) bank trust officer = ________
c) accountant = ________
d) insurance professional = ________
e) investment specialist = ________

a) state license attorney = provide legal advice/drafting documents
b) bank trust officer = provide trust tax advice
c) accountant = provide tax advice/estate planning recommendations
d) insurance professional = provide estate planning advice and provide estate liquidity
e) investment specialist = discuss estate liquidity/taxation of investments


As your clients age there will be become a risk of ________ and ________.

a) diminished capacity;
b) impairment increases.


Autonomous decision making is the standard but when can you step in it could create ______.



During a time of conflict between you and the client, what are three alternatives?

1) get help from family members
2) prior planning for power of attorney due to mental decline
3) appoint a GAL (Guardian ad litem)


"Moral Perception" can enables us to...

perceive the morally relevant facts and details in a particular situation.


We can improve our moral perception with...

training and experience.


Improved moral perception can help us...

make more morally sound decisions in the future.