LEGAL PLANNING QUIZ FOR PARENTS

MULTIPLE CHOICE

1. If a child’s parents are in a car accident and are rendered unconscious for several months, who becomes the child’s legal guardian during that time?

A. The person named as guardian in the parents’ will.

B. The person who is named as the mother’s power of attorney.

C. The child’s living grandparents automatically assume guardianship.

D. None of the above.

Correct! Unless a Standby Guardianship document has been executed, the children would have no legal guardian until one is appointed by the court.

Incorrect. The correct answer is D, none of the above. Only a Standby Guardianship document allows an adult to act as legal guardian pending appointment by a court. Otherwise, the children would have no legal guardian until a guardianship petition is submitted to and approved by a court.

2. If a parent is present, a child can receive medical treatment without a medical consent form only if:

A. A doctor believes the treatment is in the child’s best interest.

B. The child’s pediatrician believes the treatment is in the child’s best interest.

C. A doctor believes an emergency situation exists and that delay of treatment would increase the risk to the child’s life or health.

D. The treatment is authorized by a person who can prove that the child is under their care at the time.

Correct! Barring a grave emergency, many doctors and hospitals are reluctant to administer any kind of care or medication in the absence of a medical consent form.

Incorrect. The correct answer is C. If a parent is not present and the child's caregiver does not have a medical consent form, a child may only receive medical treatment if a doctor believes an emergency situation exists and that delay of treatment would increase the risk to the child’s life or health.

3. If a child’s parents have passed away or are incapable of caring for the child, it is important that the child have a legal guardian at all times because:

A. Only a legal guardian can enroll the child in school.

B. Only a legal guardian can authorize medical treatment for the child.

C. Only a legal guardian can obtain health insurance for the child.

D. All of the above.

Correct!

Incorrect. The correct answer is D, All of the above. Only a parent or legal guardian can authorize medical treatment, register a child for school, or enroll them for health insurance.

4. If your child inherits assets through a beneficiary designation in a life insurance policy or retirement account, they will have full access to their inheritance:

A. At age 18.

B. At age 25.

C. At the age designated in your will.

D. When they graduate college.

E. When their legal guardian determines they are mature enough to handle it.

Correct! Assets left to a child through a beneficiary designation are distributed to the child at age 18.

Incorrect. The correct answer is A. Assets left to a child through a beneficiary designation are distributed to the child at age 18.

5. If you leave your assets to your children through a trust, they will have full access to their inheritance:

A. At age 18.

B. At age 25.

C. At the age that you have designated in the trust.

D. When they graduate college.

E. When their legal guardian determines they are mature enough to handle it.

Correct! In a trust, the trust document specifies the age at which the child is given control over his or her inheritance.

Incorrect. The correct answer is C. When assets are left to children in a trust, the trust document specifies the age at which they are given control of the assets.

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