Executor Preparation Course: Final Test

Who is the testator?

Correct! Wrong!

The testator is the person who made a will.

True or False: joint executors can sign documents and cheques independently.

Correct! Wrong!

False, joint executors must co-sign all documents and cheques.

Mom left $50,000 to her dog, Snuffles. Do I have to honour it?

Correct! Wrong!

Yes, you must honour it but you can dispute it if you wish. That will require estate litigation and legal fees.

A charity was names as a beneficiary of the will and they sent a list of estate questions. Do I need to answer them?

Correct! Wrong!

Yes, a charity is permitted to ask questions, know who the executor is, and receive a copy of the will.

Your siblings insist the cottage should stay in the family. The will says it must be sold. What can you do?

Please select 2 correct answers

Correct! Wrong!

The executor could sell the cottage directly to a family member or they could file a claim and go through estate litigation to keep it in the family.

The estate doesn't have enough funds to cover all debts. What happens now?

Correct! Wrong!

You liquidate estate assets under the advice of a legal professional and start by repaying high-priority debts first. An executor only risks paying out-of-pocket when they make a mistake in the repayment process and are not insured.

Dad owned several rental properties when he passed away, who takes over his landlord duties?

Correct! Wrong!

The executor is in charge of informing tenants, redirecting their payments to the estate account, and either performing landlord duties themselves or using estate funds to hire a service to do it.

You've just become an executor and reviewed the will, but it does not include executor protection. What do you do?

Correct! Wrong!

Call ERAssure at 1-855-636-377 to begin your application for Executor Liability Insurance. We can also connect you with document services, legal professionals, financial advisors, and free executor resources.

Leave a Reply

Your email address will not be published. Required fields are marked *