In legal terms, who is responsible for the protection and management of an estate?

The correct answer is the executor, who is primarily responsible for the protection and management of an estate after the owner passes away. An executor is appointed through the deceased's will and has the legal authority to carry out the terms of that will. This role involves marshaling the decedent’s assets, settling debts, and distributing property to beneficiaries as outlined in the will. Executors must adhere to state laws regarding the handling of an estate, ensuring that all financial obligations are met and that the estate is managed in the best interest of the beneficiaries.

While other roles mentioned, such as guardian, administrator, and conservator, involve different responsibilities related to care and management, they do not specifically pertain to the immediate responsibilities of managing a deceased person's estate. A guardian typically refers to someone who manages the affairs of a minor or incapacitated individual. An administrator is appointed when a person dies without a will, taking on similar tasks as an executor but under different legal circumstances. A conservator is appointed for individuals who cannot manage their own affairs due to age or incapacity. Each of these roles has distinct functions that do not include the execution of a will, which is specifically the executor's task.