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Flashcards in Chapter 2 Deck (13)
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1
Q

Representative Payee

A

Person designated to receive payments such as social security

2
Q

Default Surrogate Decision Making Laws

A

Laws identifying who may make decisions for an incompetent individual absent instructions from the individual

3
Q

Living Will

A

Document containing instructions about health care

4
Q

Health Care Proxy

A

Identifies person to make health care decisions

5
Q

Power of Attorney

A

Document in which principal appoints agent to act on their behalf

6
Q

Springing Power

A

Power that becomes effective in the future

7
Q

Durable Power

A

Power that remains valid despite incompetence of individual

8
Q

Special or Limited Power

A

Power of attorney for specific transactions

9
Q

Universal Power

A

Grants all authority permitted by law

10
Q

Discretion

A

Freedom to make decisions based on ones own judgement

11
Q

Fiduciary Relationship

A

Relationship imposing legal duties of trust and disclosure

12
Q

Personal Property

A

Physical moveable property

13
Q

Commingle

A

To combine funds or properties