Future Business Leaders of America (FBLA) Business Law Practice Exam

Who is the person named to carry out the terms of a will?

1. Beneficiary

2. Trustee

3. Executor/Executrix

4. Administrator

The correct answer is: Executor/Executrix

The correct answer is the executor or executrix, as this individual is specifically appointed to carry out the terms of a will. Their responsibilities include managing the deceased's estate, ensuring that debts are settled, and distributing the remaining assets according to the instructions laid out in the will. An executor (for a male) or executrix (for a female) is usually named in the will itself. This designation gives them the legal authority to act on behalf of the estate in accordance with the deceased's wishes. They must also file the will with the probate court to begin the legal process of administering the estate, which includes filing necessary documents, handling estate taxes, and representing the estate in any legal matters that arise. In contrast, a beneficiary is someone who receives benefits or assets from the will, but they do not have the authority or responsibility to manage the estate. A trustee is typically associated with a trust rather than a will and manages assets on behalf of beneficiaries outside the probate process. An administrator fills a similar role to an executor but is appointed by the court when there is no will or no executor has been named; they also manage an estate, but their authority is derived from the court rather than from a will.