Banking · Estate Planning

Read the following statements about Estate Planning through Wills and Trusts carefully and identify which of them are correct: 1. A Will must be written on stamp paper to be legally valid. 2. An executor appointed under a Will is responsible for ensuring the testator's wishes are fulfilled. 3. Income of a discretionary trust created by a Will is always taxed at the maximum marginal rate under the Income Tax Act. 4. Creating a Hindu Undivided Family (HUF) through a Will helps in availing a separate exemption limit under Income Tax. 5. The executor of a Will continues to be assessed for income tax on the estate until full distribution is completed.