Fiduciary Test Prep Exam Questions +
Verified Answers 100% correct, Update
2026
Executor -
correct answer ✅Appointed by the court or named in a will to
administer the estate of an individual who left a will - a testate
estate.
Absent a Named Executor - how is a will administered? -
correct answer ✅Absent a named executor, the legal authority will
be through Letters of Administration with Will Annexed.
Intestate Estate -
correct answer ✅When a person dies without a will.
Who handles an intestate estate? -
correct answer ✅An administrator appointed by the court through
Letter of Administration.
Guardian ad Lietem -
correct answer ✅Usually a family member for a minor child or
incapacitated adult to act for a specific purpose to protect the
interest of the person.
, Fiduciary Test Prep Exam Questions +
Verified Answers 100% correct, Update
2026
Guardianship -
correct answer ✅A court proceeding in which a guardian is
appointed by the probate court to protect the person or estate of a
minor.
When does guardianship end? -
correct answer ✅When the minor reaches age 18 or the court
determines it is not necessary.
How is the value of the bond determined in a conservatorship or
guardian estate? -
correct answer ✅10% of the value up to and including $500k; 12%
above $500k to $1M; 2% over $1M. Calculated on the property
value less encumbrances, anticipated annual income & probably
annual gross payments.
Power of Attorney -
correct answer ✅A legal instrument used to delegate legal
authority to another. The person executing it is called the Principal.
Verified Answers 100% correct, Update
2026
Executor -
correct answer ✅Appointed by the court or named in a will to
administer the estate of an individual who left a will - a testate
estate.
Absent a Named Executor - how is a will administered? -
correct answer ✅Absent a named executor, the legal authority will
be through Letters of Administration with Will Annexed.
Intestate Estate -
correct answer ✅When a person dies without a will.
Who handles an intestate estate? -
correct answer ✅An administrator appointed by the court through
Letter of Administration.
Guardian ad Lietem -
correct answer ✅Usually a family member for a minor child or
incapacitated adult to act for a specific purpose to protect the
interest of the person.
, Fiduciary Test Prep Exam Questions +
Verified Answers 100% correct, Update
2026
Guardianship -
correct answer ✅A court proceeding in which a guardian is
appointed by the probate court to protect the person or estate of a
minor.
When does guardianship end? -
correct answer ✅When the minor reaches age 18 or the court
determines it is not necessary.
How is the value of the bond determined in a conservatorship or
guardian estate? -
correct answer ✅10% of the value up to and including $500k; 12%
above $500k to $1M; 2% over $1M. Calculated on the property
value less encumbrances, anticipated annual income & probably
annual gross payments.
Power of Attorney -
correct answer ✅A legal instrument used to delegate legal
authority to another. The person executing it is called the Principal.
