New York State Notary Practice Exam

Which of the following best describes the term 'executor'?

1. A person who executes a contract

2. A person designated to manage an estate

3. A person who serves as a legal representative in court

4. A person who oversees children

The correct answer is: A person designated to manage an estate

The term 'executor' is best described as a person designated to manage an estate. In the context of estate planning and probate, the executor is responsible for carrying out the wishes outlined in a deceased person's will, which includes handling the deceased’s assets, settling debts, and ensuring that distributions are made to beneficiaries as specified. An executor is appointed through a will and has the legal authority to act on behalf of the estate. This role requires a thorough understanding of legal and financial matters, as the executor must navigate various responsibilities, including filing tax returns, managing estate accounts, and possibly dealing with litigation related to the estate. The other options describe roles that do not accurately reflect the function of an executor. For instance, executing a contract refers to the act of signing an agreement, which does not capture the broader responsibilities associated with managing an estate. Legal representatives in court have a different function, often referring to attorneys rather than the executor of an estate. Finally, overseeing children pertains to guardianship or custodial responsibilities, which again are not related to the role of managing a deceased person's estate.