Planning Intermediate: Overview of the Probate Process

Test your knowledge

Choose wisely. There is only one correct answer to each question.

Keep studying!

Review your answers below to learn more.

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.

A deceased persons personal representative is required by law to immediately pay any and all claims presented by creditors of the deceased.

True

False

False. The personal representative reviews the claims first, then pays or settles those that are valid, and rejects the rest.

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.

One of the advantages of the person named as executor, unlike an administrator chosen by the court, is his or her right to a preferential distribution of estate property.

True

False

False. The personal representative, whether executor or administrator, is never permitted to give himself or herself preferential treatment in managing the estate.

Select the true statement below:

Under some circumstances, an executor might be personally liable for damages to estate property under his or her control.

The executor is entitled to a fee for serving but must pay for any hired help out of that fee.

The law imposes a fiduciary duty on an executor except in those situations in which he or she is also a beneficiary under the will.

Under some circumstances, an executor might be personally liable for damages to estate property under his or her control. An executor might be personally liable if a loss to estate property results from his or her negligence or wrongdoing.