I need these questions answered by tomorrow morning. Please DONOT ACCEPT IT IF YOU NEVER TOOK RISK MANAGMENT AND FINANCIAL ANYLIST CLASS. This case study is 30% of my grades. I WILL NOT ACCEPT ANSWER IF THEY ARE NOT RIGHT!!! Thanks

Question 1 Which of the following represents the aggregate value of the Ryans' taxdeferred assets? A $251,0 . 00 B . $291,0 00 C . $303,5 00 D . $641,0 00 Question 2 If the Ryans do not want to refinance their mortgage, but wish to ensure that it is paid off by the time they retire when Stuart is age 65, what is the payment amount for combined principal and interest that must be paid each month? $596 $1,0 94 $1,7 62 $1,8 21 Question 3 If the Ryans decide to follow the planner's recommendation and replace Patricia's individual policy with universal life insurance, which of the following statements is correct? A The trust department is allowed to make the replacement without . an insurance license due to its status as a Registered Investment Adviser. B . C . The planner may not effectuate the replacement due to its illegality. D . Replacement forms are not required in this situation because both forms of insurance are permanent. The planner can make the replacement with the permission of the clients. Question 4 If the Ryans add no more deposits to the balanced mutual fund, what is the projected accumulation at Stuart's retirement? A $108,1 . 47 B . $116,4 82 C . $134,9 90 D . $156,2 29 Question 5 What is most likely the maximum amount a standard lender would offer the Ryans on a home equity line of credit? A $66,00 . 0 B . $100,0 00 C . $108,0 00 D . $135,0 00 Question 6 At what stage of the business cycle is the Ryans' case most likely set? A Recessio . n B . C . Trough D . Recovery Disinflati on Question 7 Based on the current arrangement with the Ryans, which of the following is true? You will be held to the duty of care of a fiduciary for all transactions falling under the scope of your Series 6 license. According to CFP Board, you are a fiduciary in all of your dealings with Stuart and Patricia. If the scope of the engagement is later changed to include the sale of insurance products, you will be a fiduciary under state insurance law. If the terms of the engagement with the Ryans are later reduced to only include advice regarding retirement assets, you will no longer be a fiduciary according to CFP Board. Question 8 If Rebecca and her husband come to you next year after they are married and ask you to complete a comprehensive financial plan (you are paid a flat fee for the plan), and subsequently hire you as their investment advisor (you will be paid based on assets under management), which of the following is true? You are not a fiduciary to Rebecca and her husband. You are a fiduciary according to CFP Board and according to state law. You are a fiduciary according to CFP Board, but not according to state law. You are not a fiduciary according to CFP Board, but are a fiduciary according to state law. Question 9 Which of the following represents the current net equity in the Ryans' residence? A $67,50 . 0 B . $105,0 00 C . $135,0 00 D . $240,0 00 Question 10 Under the Code of Ethics, in this engagement the planner may: A Sell disability insurance based on the currently inadequate . coverage. B . Provide C share investments as appropriate for the Ryan daughters. C . Secure long-term care insurance for the Ryans because of a serious inadequacy. D . Perform fee-only planning at a reasonable fee, as agreed in advance. Question 11 Under the Code of Ethics and Practice Standards, which of the following is the planner's best course of action related to income tax issues? A As the planner is not a CPA, there are no requirements relating to . the Rules. B . The planner may participate in aggressive tax planning techniques with impunity, as long as the result is tax savings. C . The income tax returns should be examined by the planner, who may file amended returns if required. D . The planner must ensure that he or she does not participate in any effort by Stuart to embellish deductions. Question 12 Assuming no future deposits, how should Patricia reallocate her IRA portfolio to accumulate $164,445 at the time Stuart plans to retire? A Place all the funds into a large-cap class. . B Invest 90% into a small growth fund and 10% in foreign funds. . C Leave the portfolio as it is. . D Spread the funds equally among large-cap, small growth fund, . and foreign funds. Question 13 Which kind of questions will be most effective for the financial planner to use in discussing retirement planning with the Ryans? \"Either/Or\" questions \"Why\" questions Open-end questions Leading questions Question 14 What is the total current value of the Ryan family's financial assets backed by insurance companies? A $37,00 . 0 B . $40,00 0 C . $72,00 0 D . $122,0 00 Question 15 What is the total of unsecured debt for the Ryans? $0 $8,00 0 $22,0 00 $30,0 00 Question 16 If the planner was in the data-gathering phase of the financial planning process, which of the following items of additional information should the planner obtain from the Ryans? A . Insurance detail B . Investment detail C . Prior tax returns D . Projected cash flow Question 17 If the Ryans want to finance a three-year graduate school program for Sally (as an inducement for her to get a master's degree), what amount would they need invested in a money market fund at the beginning of the program? A $92,64 . 7 B . $95,50 9 C . $98,28 9 D . $104,0 98 Question 18 As a result of the job pressures, elements of marital discord have become evident between the Ryans. Which of the following options is the best choice to deal with the possibility of divorce and the division of assets? A The current trust . B The creation and funding of separate revocable . living trusts C A postnuptial agreement . D A prenuptial agreement . Which of the following represents the primary reason the Ryans entered into a financial planning engagement? A To provide adequate due diligence for the trust company . B . To address various planning issues before beginning an investment management account with the trust company C . To begin the implementation phase of the trust department's recommendations D . To ensure that the planner performed due diligence on the trust company Question 20 If the investment recommendations are implemented as originally planned, which of the following statements is correct? A The CFP practitioner is permitted to receive a share of the fees . from the trust department. B . C . The trust department must share the fees with the practitioner. D . The planner will not participate in a sharing of fees or commissions with the trust company. The planner will only be entitled to commissions on the sale of variable annuities. Question 21 Which of the following represents the Ryans' liquid assets? A $24,50 . 0 B . $64,50 0 C . $141,5 00 D . $223,5 00 Question 22 Which of the following characteristics is most likely to suggest that the clients will tend to be of low or moderate risk tolerance? Age Wealth Level of education Stated investment objectives Question 23 In the which A . Ryan financial planning engagement, the Practice Standards require of the following actions of the planner? Use of the Belth method or its equivalent to analyze Patricia's whole life policy B . Calculation of the Sharpe and Treynor ratios in the Ryans' investment analysis segment C . D . The six-step financial planning process Standard audit procedures to examine income tax returns Question 24 Which of the following is the most likely amount the Ryans have insured by the FDIC? A $6,500 . B $24,50 . 0 C . $100,0 00 D . $250,0 00 Question 25 Which documents should the Ryans shred when they no longer need them? A . Checking account monthly statement B . Stuart's 401(k) quarterly statement C . D . Credit card yearly statement All of the above Question 26 If Patricia sues for wrongful termination and wins a continuation of her salary for 15 years, adjusted annually for inflation, what is the tax result? A All payments received will be income-tax-free. . B The continuation of $75,000 per year will be income-tax-free, but . not the inflation adjustment. C . D . The inflation adjustment is tax-free, but the salary itself is taxable. All payments will be subject to income tax. Question 27 If CFP Board Counsel came to the conclusion that the DUI incident warranted an investigation, the matter would be turned over to: A CFP Board . B CFP Board Advisory Counsel . C The Disciplinary and Ethics . Commission D . The Hearing Panel Question 28 The CFP Board Practice Standards are applicable in the Ryan financial planning engagement to what extent? A The Practice Standards are not applicable due to the planner's . compensation method. B . The Practice Standards are not applicable due to the special involvement of the trust company. C . The Practice Standards apply fully to the planner and the clients, as part of the financial planning team. D . The Practice Standards apply fully to the planner only. Question 29 If Rebecca and her fianc wish to purchase a home but do not have 20% as a down payment, which of the following will be most beneficial in helping them to qualify for a mortgage? A biweekly mortgage A balloon mortgage A graduated-payment mortgage An FHA mortgage Question 30 If the planner provides an investment product to the Ryans on a commission basis, which of the following is correct regarding the Disciplinary Rules and Procedures? A The planner is subject to immediate suspension of his or her right to . use the marks. B . No adverse action against the planner will commence unless a FINRA hearing is concluded. C . The CFP Board requires a response from the planner to a complaint filed by clients. D . Any adverse action against the planner is ameliorated if commissions are shared with the trust company, based on the original understanding. Question 31 As anticipated, financial difficulties persisted at Patricia's law firm, and she was offered a severance package. She has a choice of: (1) taking a reduction in pay to $25,000 per year, with the difference, plus 6% interest, to be paid under a non-qualified deferred-compensation plan at death or at normal retirement; or (2) taking a $250,000 lump-sum payout in cash. What is the best course of action for Patricia? A File charges of age and sex discrimination against the firm to . enhance the likely payout. B . Accept the alternative of the reduced salary and non-qualified deferred compensation, due to the comparatively high present value. C . Take the lump sum. D . Accept neither alternative and continue working, earning $75,000 per year, with the possibility of a future severance and no payout package. Question 32 Which of the following would be least affected by a change in monetary policy? A Stuart's whole life . policy B . Patricia's whole life policy C . D . Stuart's IRA Patricia's IRA Question 33 If Patricia dies at a time when the insurance company for her whole life policy goes bankrupt, which of the following is the most likely result? A The death benefit will be limited to the aggregate of the . premiums paid. B . The amount payable is the sum of the aggregate premiums and the total cash value. C . D . The death benefit payable will be $50,000. The amount of the death benefit will be $100,000. Question 34 If Stuart and Patricia both end up losing their jobs and file for a Chapter 7 bankruptcy, what is the maximum amount of debt they could have discharged? A $0 . B $30,00 . 0 C . $218,0 00 D . $240,0 00 Question 35 In the Ryan family financial planning engagement, which of the following is correct in connection with CFP Board of Standards Code of Ethics? A As an attorney, Stuart is indirectly bound by the Code through his . participation with the CFP certificants. B . The CFP practitioner has a conflict of interest, due to the opportunity for commissions. C . Stuart and Patricia are both bound by the Code as allied professionals. D . The planner need not specify the standard percentage commission earned on investment product sales. Question 36 If the Ryans refinance their current mortgage with a 30-year mortgage, which of the following is the total amount of interest the Ryans will pay in the first 12 months? A $2,37 . 1 B . $13,7 16 C . $13,7 86 D . $16,0 87 Question 37 In the event that a dispute emerges related to the planner's fiduciary responsibility, which of the following is the most likely place for the client to file a compliant? A The state fiduciary . department B . C . The CFP Board D . The American Bar Association The state CPA Association Question 38 If the Ryans refinance to a new 30 year mortgage, setting it up for biweekly payments, how long will it take them to pay off the loan? 15 years 24 years 26 years 30 years Question 39 During a meeting related to the planning engagement, Rebecca dropped in for a visit with her parents. The planner expressed interest in acquiring Rebecca as a client. In this regard, which of the following is correct? A The planner must refer the business to the trust company under the . original understanding. B . C . The planner is free to pursue the relationship without restriction. D . Work done by the planner for Rebecca should be at no additional fee, according to the original agreement. Explicit permission from Stuart and Patricia is required before the planner can proceed to acquire Rebecca's business. Question 40 In this case, which person or entity has primary responsibility to supervise implementation of the financial planning process? A The trust company . B The clients . C The financial planner . D The financial planner's Officer of Supervisory . Jurisdiction Question 41 Which of the following statements concerning the Ryans' need for an emergency fund is correct? A The Ryans need a fund of 12 months' income due to Patricia's . unstable employment situation. B . The Ryans need a fund of only about 3 months' income due to their stable employment. C . The Ryans will need to increase their fund if Patricia establishes her own practice. D . The Ryans have adequate mutual fund investments for any emergency. Question 42 Which of the following best describes the contractual relationship between the planner and the Ryans? A The planner is operating as a subcontractor for the . trust department. B . The planner has a contract to perform specifically for the Ryans. C . D . No formal contractual agreement is in existence. The contract is not amendable. Question 43 You are approximately the same age as the Ryans and have an equivalent level of education and wealth, yet you are an aggressive investor. Although you see the similarities between yourself and the Ryans, you refrain from pushing a more aggressive asset allocation on them. This is an example of Unconditional positive regard Accurate empathy Self awareness Creating rapport Question 44 If Rebecca and her fianc were to become planning clients, on the basis of their stage in the life cycle, they are likely to be most interested in discussions of: Retirement planning Estate planning Reducing taxes Planning to buy a house Question 45 All of the Ryans' lenders have a right to see the Ryans' credit report, EXCEPT: A Auto loan company . B Credit card . company C . Education loan company D Mortgage company . Question 46 If the Ryans used their money market mutual funds to pay off their credit card debt, what would be their new net worth? A $1,389,0 . 00 B . $1,397,0 00 C . $1,405,0 00 D . $1,413,0 00 Question 47 Which of the following nonverbal behaviors would most likely signal to the financial planner that the clients are not open to a suggestion that the planner has made? Crossed arms and legs Hunched posture Leaning forward Gestures with hands and arms Question 48 Based on data in the case, describe the current and most recent inflation experience. A Below normal . inflation B . C . D . Falling inflation Deflation Falling money supply Question 49 Which of the following questions, if asked by the planner, would suggest the use of values-driven planning? What income do you want to have when you retire? What kind of retirement fund do you expect to have when you retire? If you had the money, how would you live? How much can you budget for savings to reach your financial goals? Question 50 If the planner recommends that Patricia contribute $18,750 to her 401(k) plan, which of the following statements is correct? A The planner is guilty of improper advice and has fiduciary liability . for any penalties resulting from following the advice. B . The planner is deemed to be Patricia's agent and will be held liable under the agency doctrine for any excise taxes. C . D . The advice is not recommended, but is within tax law limits. The amount recommended in excess of any limit is forfeited to the plan under the \"use it or lose it\" provision. Question 51 Which of the sources of information on client risk tolerance has the financial planner obtained? (1) Questionnaire; (2) Direct Inquiry; (3) Client's past actions; (4)Demographic characteristics. (1) and (3) only (2) and (3) only (1), (3) and (4) only (1), (2), (3), and (4) Question 52 Which of the following would be most positively affected by an improvement in economic indicators? A Stuart's IRA . B Patricia's 401(k) . C Patricia's IRA . D Stuart's whole life . policy Question 53 If the planner in the Ryan case was convicted of the DUI charge and dutifully reported it to CFP Board within the specified time frame, he would: A Be immediately suspended . B . C . Receive a letter from CFP Board D . Be permitted to offer rebuttal to the Hearing Panel Be required to answer to the Inquiry Panel Question 54 From the information in the case, correctly describe the yield curve. A The yield curve is essentially flat. . B The yield curve is upward-sloping to the right. . C The yield curve is inverted. . D There is inadequate information to determine the shape of . the yield curve. Question 55 If the Ryans refinance to a 15 year mortgage, how many points will be added to the loan amount? 0 points .5 points 1 point 100 points Question 56 When asked about Rebecca's fianc, Patricia becomes angry and calls him a \"freeloader\PROFESSIONAL CONDUCT AND REGULATION Topics 1-7 2015 Keir Educational Resources 1 www.keirsuccess.com Professional Conduct and Regulation (Topics 1-7) STUART AND PATRICIA RYAN Stuart and Patricia Ryan have been referred to you by a local trust representative for comprehensive financial planning. The trust officer suggested that the clients obtain planning advice to resolve a number of issues and concerns prior to moving ahead with investment advisory services with the trust department. You are a fee and commission (advisory fees and commissions when applicable) registered investment advisor and a CFP certificant. You registered as an IA at the state level, hold a state life and health insurance license and are registered with FINRA (Series 6). You employ an administrative assistant. Recently, your son has joined the firm and is a candidate for CFP certification. Your son plans to sit for the CFP Certification Examination on the next testing date. Your dream is that the practice will grow, and he will take over upon your retirement. Recently, that dream almost went up in smoke. One evening after a client dinner meeting, you were pulled over for speeding. During the course of dinner you had a glass of wine. When the officer asked for your license and registration, he enquired as to whether you had been drinking. You truthfully told him that you had a glass of wine over dinner, but that was well over an hour ago. The officer was not satisfied and conducted a field sobriety test after which, he arrested you for speeding and driving under the influence of alcohol (DUI). Upon arriving at the station, it was soon obvious that the sobriety test was not administered properly and the results were inconclusive. The DUI charges were dropped and you pled guilty to the speeding charge and happily went home. In your initial meetings with the Ryans, you have obtained the following basic information, plus the balance sheet and cash flow statement shown later. Stuart Ryan Patricia Ryan Rebecca Ryan Sally Ryan Timothy Ryan 49 48 24 20 10 Attorney Attorney Medical student Undergraduate student Institutionalized Stuart is a principal in a medium-size law firm, a Michigan professional corporation, and earns $120,000 in annual salary plus $25,000 to $75,000 in bonus each year, depending on a formula based on productivity and new clients. A funded stock-redemption agreement is in place. He expects to remain with the law firm until retirement, which he projects will be at age 65. Patricia is a seasoned associate in a large law firm, earning $75,000 per year. Similarly, she plans to stay with her firm until retirement, and she wants to retire at the same time as Stuart. However, due to internal issues at her law firm, rumors persist that some attorneys may be offered severance packages to rationalize the firm's cost structure. If Patricia is terminated, she indicates an interest in establishing her own law practice. Her major objectives would be to limit her personal liability and minimize her Social Security taxes. Rebecca has one more year to complete medical school, financed by her parents, and is also engaged to be married next year. Sally is a junior at a large state university and has no plans for further study beyond college. She was recently injured in a car accident and sustained facial injuries that caused modest disfigurement. A large settlement offer has been made by the defendant's insurance company. Timothy (as noted above) is institutionalized with severe mental and physical impairments. There is no chance for him to live a normal and productive life. His life expectancy is another 30 years at most. Professional Conduct and Regulation (Topics 1-7) The Ryans' Major Objectives 1. 2. 3. 4. 5. 6. Provide for an adequate retirement income commensurate with their accustomed standard of living. Optimize their investment portfolio, both qualified and non-qualified, to improve returns without unduly increasing risk levels. Determine the suitability of retaining an income-producing apartment complex in another state, which Stuart inherited fifteen years ago. Revise their estate plan to minimize transfer taxes and ensure proper care for Timothy, with the trust company serving as the successor trustee to help carry out their wishes. Confirm that their existing insurance program is adequate to provide for the survivor in the event of death. Ascertain whether their disability coverage is sufficient. The clients have reiterated that their primary focus is the investment planning component. With that understanding, the Ryans engage you as the financial planner on a fee basis only. Even though you are properly licensed and registered for other products and services, you are not expected to implement any insurance or investment recommendations; rather, you are instructed to cooperate with the Ryans' other advisers. You are also given permission to share information with the trust officer. Stuart and Patricia have congruent investment objectives and tolerance for risk, according to the quantitative score profile that you used. When asked about their investment objectives, the Ryans stated the following, in order of priority: Safety of principal Long-term growth Tax advantage Liquidity Future income Stuart wants to use whatever aggressive techniques may be available to reduce their income tax liability. He suggests that you \"push the envelope\" in this regard. Stuart and Patricia do their own tax returns with commercially available software, but they are open to the idea of \"innovative inputs.\" Economic or Tax Assumption Long-term inflation Education inflation Economic environment Refinancing costs New auto loans Graduate school costs Recent inflation data State income tax Data Supplied 3% 6% Normal yield curve; moderate growth expected; Federal Reserve willing to raise rates 1% added to loan amount; 15-year is 6%; 30-year is 6.5% 7.9% $30,000 per year (current dollars) Last year: 2% Two years ago: 3% Three years ago: 4% 4% of federal AGI Professional Conduct and Regulation (Topics 1-7) Statement of Financial Position Stuart and Patricia Ryan 12/31 of Last Year Assets Liabilities Checking: JT $ 6,500 Money market mutual funds: JT 18,000 Bond funds: JT 63,000 Mutual funds: JT U.S. equity 360,000 Foreign equity 17,000 Balanced (60/40) 34,000 Apartment complex: H 250,000 Limited partnership: H 12,500 Stuart: 401(k)1 83,000 Patricia: 401(k)2 76,000 Stuart: IRA3 44,000 Patricia: IRA4 48,000 Stuart's law practice 100,000 Residence: T by E 345,000 Personal property: JT 100,000 Automobiles: JT5 40,000 Cash value of life insurance: H 37,000 Cash value of life insurance: W 3,000 Credit cards6 Education7 Mortgage8 $ 8,000 22,000 210,000 TOTAL ASSETS LIABILITIES $240,000 $1,637,000 NET WORTH H = Husband W = Wife JT = Joint tenancy with right of survivorship T by E = Tenancy by the entirety __________________________________________ 1 Patricia is the primary beneficiary; children are contingent. Stuart is the primary beneficiary; children are contingent. 3 Patricia is the only beneficiary. 4 Children are equal beneficiaries. 5 Stuart's $30,000 Lexus and Patricia's $10,000 Grand Prix. 6 Interest rate is 9% 7 Education loan is PLUS (Parent Loan for Undergraduate Student). Interest rate is 7.24% 8 Original term was 30 years at 7%. 2 $1,397,000 Professional Conduct and Regulation (Topics 1-7) Cash Flow Statement Stuart and Patricia Ryan For the Period 1/1 through 12/31 Annualized Projection INFLOWS Stuart: Salary Stuart: Bonus Patricia: Salary Net cash flow from apartments Interest income Dividend income Capital gains TOTAL INFLOW $120,000 55,000 75,000 30,000 Reinvested Reinvested Reinvested $280,000 OUTFLOWS Mortgage payment (P & I) Real estate taxes Homeowners insurance Federal income tax State income tax Federal and state payroll taxes Life insurance premiums Disability insurance premiums Automobile insurance premiums Stuart's 401(k) Patricia's 401(k) Food Utilities Telephone Laundry Clothing Car expenses Car repairs Home repair/maintenance Entertainment Vacations Education expenses Support/dependents Savings/investment Unknown $ 19,377 TOTAL OUTFLOW $280,000 4,900 940 70,000 10,500 12,261 3,200 2,600 2,800 8,900 8,900 4,800 5,200 840 400 3,800 4,600 1,800 2,300 6,000 8,000 36,000 12,000 18,000 31,882 Professional Conduct and Regulation (Topics 1-7) Additional Investment Detail Stuart's 401(k) Plan: Money market fund Guaranteed investment fund* Long-term bond fund $40,000 32,000 11,000 Stuart's IRA: Money market fund Small growth fund $13,000 31,000 Patricia's 401(k) Plan: Money market fund Guaranteed investment fund* $26,000 50,000 Patricia's IRA: Money market fund Short-term bond fund $38,000 10,000 * Offered through insurance companies Existing Limited Partnership Year Cash Flow (Paid at the end of the last 4 years) 1 ($2,000) 2 ($3,000) 3 ($4,000) 4 Unknown Stuart paid $8,000 for his partnership interest. Proposed Limited Partnership \"The Venture\" Year Cash Flow (Projected at the beginning of each year) 1 ($5,000) 2 ($6,000) 3 ($7,000) 4 $25,000 Asset Class Projected Rate of Return Money market funds Fixed-income/bonds/GIF Large-cap Small growth fund Foreign Balanced (60/40) 3% 5% 8% 9% 10% 7.5% Standard Year) .5% 2% 15% 19% 22% 10% Deviation (3- All stock and bond mutual funds are held in a joint brokerage account. The checking and money market mutual funds are held in joint accounts at the bank. Professional Conduct and Regulation (Topics 1-7) Life Insurance Information Insured Owner Beneficiary Type Cash Value Group term Face Amount $100,000 Stuart Stuart Patricia Stuart Stuart Patricia Whole life $100,000 Stuart Children, equally Whole life $50,000 Patricia Stuart Group term $75,000 $37,000 6% fixed loan rate $3,000 Variable loan rate $0 Patricia Patricia $0 Annual Premium Employerpaid $1,900 $1,300 Employerpaid Disability Insurance Information Insured Type Stuart Personal; guaranteed renewable Group LTD Personal; noncancelable Group Stuart Patricia Patricia Monthly Benefit $2,500 Waiting Period 90 days Benefit Period To age 65 Annual Premium $1,800 $1,500 $1,000 180 days 90 days To age 65 To age 65 Employer-paid $800 $1,000 180 days To age 65 Employer-paid Benefits Unlimited Coinsurance 80/20 with $1,000 stoploss Deductible $500/person; $1,000/family per year Premium Employer-paid (Patricia's employer) Health Insurance Information Insured Husband and wife; children to age 25 Type Major medical Retirement Plan Information Participant Stuart Patricia Maximum Contribution Maximum allowed by law 25% of compensation Matching Contribution None None Patricia's plan allows for her to contribute both pre-tax and after-tax contributions up to 25% of her compensation. Estate Planning Documents Stuart's will leaves everything to Patricia. In the event that Patricia predeceases him, Stuart's will establishes a trust to be set up for the benefit of the children. Stuart's brother Paul is named as the trustee. Professional Conduct and Regulation (Topics 1-7) Patricia's will leaves everything to Stuart. In the event that Stuart predeceases her, Patricia's will establishes a trust to be set up for the benefit of the children. Patricia's sister Angela is named as the trustee. Both wills name Rebecca as guardian for Timothy in the event that both Stuart and Patricia are deceased. Stuart and Patricia each have a nondurable power of attorney naming the other as their agent. Both Stuart and Patricia also have living wills