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NISM Certifications · NISM-Series-X-B: Investment Adviser (Level 2) · Tools for Estate Planning

Mr. Raghavan appoints his friend as executor of his will. Which statement about the role of an executor is correct?

An executor is the person named in the will to give effect to it. He administers the estate, settles liabilities and distributes assets according to the testator's wishes. He need not be a legal heir and cannot disregard the will's directions.

  1. AThe executor is appointed by the court only after the testator's death in every case
  2. BThe executor is named in the will and is responsible for administering the estate and distributing assets according to the willCorrect
  3. CThe executor can distribute the estate in any manner he considers fair, ignoring the will
  4. DThe executor must be a legal heir of the testator

Explanation

An executor is the person named by the testator in the will to carry out its terms. He administers the estate and distributes assets as directed. He need not be a legal heir, and he cannot override the will. A court-appointed administrator is needed when no executor is named.

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