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.
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