NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Basics of Estate Planning
A person who is appointed in a will to administer the estate and carry out the wishes of the testator, and who must obtain probate where required, is called the:
The person named in a will to administer the estate and carry out the testator's wishes is the executor. The executor collects assets, pays liabilities, obtains probate where needed, and distributes property to the beneficiaries as the will directs.
- AExecutorCorrect
- BBeneficiary
- CTrustee of a revocable trust only
- DCo-parcener
Explanation
The executor is named in the will to give effect to its terms, including collecting assets, paying debts and distributing bequests. A beneficiary receives assets, and a co-parcener is a member of a Hindu joint family with birth rights in ancestral property. Hence executor is the correct term.
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