/ Homework Answers / Finance / 11) Who the person who carries out the instructions in


11) Who is the person who carries out the instructions in the will?

A) The settlor

B) The executor

C) The testator

D) The notary

12) If you die without a will, the court will appoint

A) a grantor.

B) an attorney.

C) an administrator.

D) a settlor.

13) Which of the following is the first duty of an executor settling an estate?

A) Make funeral arrangements

B) Locate and obtain control of the deceased's assets

C) Calculate the preferential share

D) Notify all beneficiaries

14) An executor is also called a(n)

A) personal representative.

B) settlor.

C) administrator.

D) trustee.

15) An executor may

A) account for newborn children if not included as beneficiaries.

B) arbitrarily calculate the preferential share.

C) be a beneficiary of the will.

D) determine the value for the assets.

16) In choosing a guardian for your children, you should

A) ensure he or she is also prepared to be the custodian.

B) be sure to include this in the last letter of instruction.

C) ensure that the person you select is willing to serve in this capacity.

D) authorize this in a power of attorney.

17) If you wish to be cremated when you die, this request should be included in a

A) notarial will.

B) letter of last instruction.

C) codicil.

D) probate statement.

18) Which of the following statements about the letter of last instruction is correct?

A) It should provide changes you wanted made to the will.

B) It should provide the calculation of the preferential share.

C) It should provide the desired funeral arrangements.

D) It should declare your intention to create an inter vivos trust.

19) You are recently divorced and have relocated to another province. To make substantial changes to your will, you should

A) prepare a new letter of last instruction.

B) prepare a codicil.

C) prepare a new will.

D) have your existing will notarized in the new province.

20) A document that specifies changes to an existing will is

A) a letter of instruction.

B) a codicil.

C) an amendment.

D) an addendum.

5 (1 Ratings )

Finance 2 Months Ago 33 Views
This Question has Been Answered!
Premium Content -