Who is responsible for managing the distribution of assets when Conor dies leaving a Will?

Prepare for the QFA Life Assurance Test. Study with flashcards and multiple-choice questions, each with hints and explanations. Get ready for your exam success!

The executor(s) appointed in Conor's Will are responsible for managing the distribution of his assets after his death. Executors have the legal authority to settle the deceased's affairs according to the terms laid out in the Will. Their duties include gathering the deceased’s assets, paying any debts or taxes owed, and distributing the remaining assets to the beneficiaries as specified in the Will.

This role requires a clear understanding of estate management and legal obligations to ensure that the wishes of the deceased are followed accurately. While a nominated solicitor may assist in the process, the ultimate responsibility lies with the executor(s). Similarly, a surviving spouse does not automatically have the right to manage or distribute assets unless they are named as an executor. The high court might be involved in the case of disputes or if there are issues regarding the validity of the Will, but the primary task of asset distribution falls to the executor(s).

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy