Bill Is an Attorney in Ohio

question 90

Multiple Choice

Bill is an attorney in Ohio. Marla hires Bill to create a trust for her children. Bill has not been keeping up with developments in trust law, and so creates an inefficient trust. Under recent Ohio law, he could have created a much more beneficial trust. In this case, Bill:

• A) has violated a duty of loyalty
• B) has violated a duty of reasonable care
• C) has violated a duty of obedience
• D) has violated a duty to account
• E) may be out-of-date but has violated no duties

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Definitions:

Long-Term Bonds

Are debt securities with a maturity date extending beyond ten years, offering an investor fixed interest payments over a long duration.

Bond Buyer

An individual or entity that purchases bonds as a form of investment, looking to earn interest over time.

Risk

The exposure to the chance of loss or damage.

Financial Institutions

Organizations that provide financial services, including banks, credit unions, insurance companies, and investment firms.