Planning Intermediate: Overview of the Probate Process

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Which of the following statements is true?

One of the executors first tasks should be the distribution of easily transferred and liquid assets to the appropriate beneficiaries.

One of the executors first and most important duties after appointment is to take an inventory of estate assets.

A key distinction between an executor and an administrator is that the executor assumes personal responsibility for the payment of final bills if estate funds are insufficient.

One of the executors first and most important duties after appointment is to take an inventory of estate assets. The other choices are false.

There are a number of significant differences between the estate planning duties of executors and administrators.

True

False

False. Executors and administrators have practically identical legal rights and responsibilities.

Most states have expedited probate procedures for settling some estates that allow one to avoid a trip to court.

True

False

True. Most states have streamlined probate procedures for handling the settlement of small estates, or even larger ones if they are uncomplicated.

Which of the following statements is true?

Executors and administrators are examples of the decedents beneficiaries.

It is wise to name an executor, so that he or she can be given authority over the decedents non-probate as well as probate estate.

An executor is chosen by the decedent in his or her will while an administrator is appointed by the probate court.

An executor is chosen by the decedent in his or her will while an administrator is appointed by the probate court. Executors and administrators are examples of the decedents personal representatives.

In estate planning, the personal representative may be entitled to a fee that is based upon a certain percentage of the probate estate.

True

False

True. A personal representative is entitled to reasonable compensation that is often limited to a certain percentage of the property in the probate estate.