When a Longtime Client Comes to You, as an Attorney

question 11

Multiple Choice

When a longtime client comes to you, as an attorney, asking you to write a will including yourself as a beneficiary, you can avoid ethical problems by

• A) having the will signed by the client in the presence of witnesses who are also the primary beneficiaries.
• B) writing and signing a sealed and dated letter to the client's file relating the client's insistence that you be a beneficiary over your cautions to the client.
• C) insisting the client go to another attorney to draft a codicil to the will for any gift in your behalf.
• D) getting another member of your firm to read the will and ask the client if she means to give you the specific bequest stated in the will and then making a record of her affirmance.

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Definitions:

Call Options

Financial contracts that give the holder the right, but not the obligation, to buy an asset at a specified price within a specific time period.

Future Value

The value of an investment or cash flow at a specified date in the future, adjusted for interest or return.

Asset-backed Commercial Papers

Short-term investments secured by bundled assets, like loans or receivables, allowing companies to finance these assets.

Investors

Individuals or entities that allocate capital with the expectation of achieving a future financial return.