True or False: A prepaid cremation or funeral is regarded as an asset of the ward.

A prepaid cremation or funeral is regarded as an asset of the ward because it represents a financial commitment made on behalf of the ward for expenses that will be incurred in the future. In the context of guardianship, all assets of the ward must be managed and accounted for by the guardian, which includes any prepaid arrangements for funerals or cremations. These arrangements typically involve monetary contributions set aside to cover the costs associated with end-of-life care and services, and as such, they are treated like any other asset when assessing the financial situation of the ward.

Recognizing these arrangements as assets ensures that the guardian can fulfill their fiduciary responsibilities, such as making informed decisions regarding the ward's financial resources and preparations. It also helps to maintain transparency and accountability in the management of the ward's financial affairs.