1. Which of the following are duties of an executor upon the death of a decedent?

I. Inventory of assets
II. Filing of the estate and gift tax return
III. Filing of the final income tax return
IV. Payment of debts due

A) II and III only
B)
III and IV only
C)
I, II and IV only
D) I, II, III and IV

2. Which of the following are powers, rights and responsibilities of an independent or corporate trustee?

I. Right to receive a trustee fee for service.
II. Exercise diligence in managing the trust assets.
III. Follow all requests submitted by the beneficiaries.
IV. Carry out the provisions of the trust document.

A) I and II only
B)
II and III only
C)
I, II and IV only
D) II, III and IV only



3. All of the following would be considered a breach of fiduciary duty EXCEPT:

A) Trustee makes decisions based on the best interest of the beneficiary.
B)
Trustee mixes personal assets with trust assets.
C)
Fiduciary only deals with family members for outside services.
D) The fiduciary makes decisions based on their best interests.




Answer Key

Related Articles
  1. Investing

    Option Volatility: Vertical Skews and Horizontal Skews

    By John Summa, CTA, PhD, Founder of OptionsNerd.comOne of the most interesting aspects of volatility analysis is the phenomenon known as a price skew. When options prices are used to compute ...
  2. Personal Finance

    Can You Trust Your Trustee?

    Ignorance and incompetence can cost you money. Make sure your trustee is up to the task.
  3. Managing Wealth

    What is a Fiduciary?

    A fiduciary is a person who acts on behalf of another person (or people) to manage assets.
  4. Trading

    The ABCs Of Option Volatility

    The mystery of options pricing can often be explained by a look at implied volatility (IV).
  5. Trading

    Introduction To Level II Quotes

    Level II quotes show a ranked list of the best bid and ask prices from each market participant, providing detailed insight into a stock’s price action.
  6. Retirement

    How to Identify a Good Trustee

    Your estate plan is only as good as your trustee. Choose the wrong one and it can create a bad situation for your heirs.
  7. Retirement

    6 Proven Tips For Series 6 Success

    These techniques can help you pass this test without the added stress.
  8. Professionals

    Tips for Taking the CFA Exam: Part 1

    Peter Mackey, head of exam development for the CFA Institute, shares his tips for taking the CFA level I, II and III exams.
  9. Financial Advisor

    Tips for Taking the CFA Exam: Part 2

    Peter Mackey, head of exam development for the CFA Institute, shares his tips for passing the CFA level I, II and III exams.
  10. Financial Advisor

    Meeting Your Fiduciary Responsibility

    Being a fiduciary comes with a certain level of responsibility. These four steps will reduce your liability when managing other people's money.
Trading Center