Shorty is worried that his health may soon deteriorate to the point where he will no longer be able to take care of his own finances. One way he could ease his mind would be to:
A) name an executor to his will.
B) prepare a durable power of attorney.
C) transfer title to all of his real estate and financial assets to a relative he trusts.
D) invest all of his financial assets into a Keogh plan.

Question

Quizplus · Accepted Answer

Preparing a durable power of attorney would give Shorty the assurance that someone he trusts will be able to make financial decisions on his behalf if he becomes unable to do so himself. This would not involve transferring ownership of his assets, which could be risky and permanent, nor would it require creating a specialized retirement account like a Keogh plan. Naming an executor to his will would only come into play after his death, and would not address his concerns about handling his finances while he is still living.

Shorty Is Worried That His Health May Soon Deteriorate to the Point