Skip to content

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

Which of the following is a key duty of an executor of a will?

An executor's key duty is to collect the deceased's assets, pay the debts and liabilities from the estate, and distribute what remains to the beneficiaries as the will directs. The executor cannot change beneficiaries or pay debts personally.

  1. ACollect the deceased's assets, pay debts and distribute the remainder per the willCorrect
  2. BDecide beneficiaries independently of the will
  3. CPay the testator's debts only from own funds
  4. DAct only after the probate period of 10 years

Explanation

An executor administers the estate: collects assets, settles liabilities and distributes the remainder according to the will. The executor cannot override the will's beneficiaries. Debts are paid from the estate, not personal funds, and no 10-year waiting period exists.

Did you get it right without looking?

One question tells you little. A timed set on Basics of Estate Planning shows your real accuracy, how long you take and where you lose marks.

Practise Basics of Estate PlanningFree diagnostic mock

More Basics of Estate Planning questions