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

Mrs. Sunita Rao's will names her son as executor. After her death, which document does the executor typically obtain from a court to establish authority to deal with the estate assets?

The executor typically obtains probate, a court-certified copy of the will granting the executor authority to administer the estate. A power of attorney lapses on the principal's death, and gift or release deeds are not documents conferring executor authority.

  1. AProbateCorrect
  2. BPower of attorney
  3. CGift deed
  4. DRelease deed

Explanation

Probate is a court-certified copy of the will with a grant of administration to the executor. A power of attorney ends on the principal's death. A gift deed and a release deed are inter vivos transfer or relinquishment documents, not grants of authority over the estate.

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