123214
AssignmentMultiple Select

Investment Strategies

Question 123214 • TX-Personal Financial Literacy and Economics

What are the responsibilities of an executor? Check all that apply.paying any taxes that are due on the estatetaking inventory of the property and belongingsappraising and distributing the deceased person’s assetssettling any debts that are owed by the deceasedinheriting assets named in a will if the first choice cannotacting on someone’s behalf if he or she becomes sick or injured

Answer
A
paying any taxes that are due on the estate
B
taking inventory of the property and belongings
C
appraising and distributing the deceased person’s assets
D
settling any debts that are owed by the deceased
E
inheriting assets named in a will if the first choice cannot
F
acting on someone’s behalf if he or she becomes sick or injured

Explanation

An executor manages the deceased person’s estate: they identify and inventory property, value and distribute assets, pay valid debts, and handle taxes owed by the estate. Inheriting assets if another beneficiary cannot is not an executor’s responsibility, and acting for someone who becomes sick or injured is generally the role of an agent under a power of attorney.

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