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

Which of the following is a main reason for appointing an executor in a will?

An executor is appointed to administer the estate after the testator dies and to carry out the will's instructions, such as collecting assets, settling liabilities and distributing bequests. Managing affairs during life is not the executor's role.

  1. ATo administer the estate and give effect to the testator's wishes after deathCorrect
  2. BTo manage the testator's finances while alive and mentally capacity is lost
  3. CTo pay tax on behalf of the testator for earlier years only
  4. DTo witness the signing of the will on behalf of the testator

Explanation

An executor is named to carry out the will after the testator's death by collecting assets, paying debts and distributing bequests. Managing affairs during incapacity is the role of a power of attorney or similar tool, and the executor is not a witness.

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