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Persons who are the legal guardians and/or conservators for minors (who are not their biological children) or adults who have been deemed legally incompetent cannot be held responsible for the actions of their ward. Nor is the guardian/conservator responsible for repayment of debts beyond the financial resources of said ward. However, a person accepting such responsibility must have power of attorney or have been appointed legal guardian and/or conservator by the court. Without such they cannot legally oversee any issues pertaining to the financial or personal affairs of the minor or incompetent adult. (A minor cannot grant power of attorney to another person.) Parents are generally held responsible for the actions of their minor child(ren) unless a court rules otherwise; or there are extentuating circumstances that supercede the established laws governing the issue.
What else can I help you with?
What financial responsibility?
Financial responsibility refers to the ability to manage one's finances effectively, making informed decisions regarding spending, saving, and investing. It involves budgeting, understanding credit, and maintaining a balance between income and expenses to avoid debt. Practicing financial responsibility helps individuals achieve their financial goals, build wealth, and ensure long-term stability. Ultimately, it fosters a secure and sustainable financial future.
What are the basic financial decisions?
basic financial decisions are three type: 1. Financial Decisions, 2.Investment Decisions, 3.Dividend Decision.
Can you get financial assistance in Virginia when your spouse is incarcerated?
Yes, I believe that you can apply for it.
Which is NOT a type of financial responsibility in relation to California Compulsory Financial Responsibility Law?
A winning lotto ticket
What is the definition of financial stewardship?
Financial stewardship is the assumption of responsibility of the financial well being of another or a group. The expectation being that this responsibility will be carried out with great care, keeping in mind the good of the individual or group being served. Financial stewards have been entrusted with the financial resources of another. There is an expectation of care to be followed when acting as a steward. A financial steward would be expected to make those decisions which would best benefit the individual or group whose financial assets are being cared for; managing expenses, responsible investing, and accountability.
How do consumers practice financial responsibility?
Consumers practice financial responsibility by budgeting their income, tracking expenses, and prioritizing savings. They often set financial goals, such as building an emergency fund or paying off debt, and make informed spending decisions to avoid unnecessary purchases. Additionally, responsible consumers seek to educate themselves about financial products and services, ensuring they understand the terms and implications of their financial choices. By balancing their needs and wants, they strive to maintain a healthy financial lifestyle.
What is the meaning of alkansya as a gift to a debutant?
Alkansya is a symbol of saving and wisdom, making it a thoughtful gift for a debutant to encourage financial responsibility and independence as they transition into adulthood. It represents the value of saving for the future and making wise financial decisions at a young age.
Does the state of new york give financial support to a custodial parent if their spouse becomes incarcerated?
Welfare
How do you see the role of society today - south Africa?
Social responsibility Religious responsibility Financial responsibility Political responsibility
What happens to your house when you go to jail?
When you go to jail, your house typically remains in your possession unless you are unable to maintain ownership due to financial reasons or legal issues. However, you may need someone to manage your property or make decisions on your behalf while you are incarcerated.
What is the scope of financial objective of business organizations?
Financial objectives are created to guide managers with their financial decisions. By comparing their decisions to the financial goals of the organizations, the manager can determine whether they are on the right track.
What is California vehicle registration financial responsibility program?
The registration financial responsibility program requires that vehicles have proof of insurance(the financial responsibility) at all time. If you have a lapse in this coverage the insurance company can report you to the DMV in which case they suspend your registration.
