Choose wisely. There is only one correct answer to each question.
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1.
In estate planning, the personal representative may be entitled to a fee that is based upon a certain percentage of the probate estate.
True. A personal representative is entitled to reasonable compensation that is often limited to a certain percentage of the property in the probate estate.
2.
A deceased persons personal representative is required by law to immediately pay any and all claims presented by creditors of the deceased.
False. The personal representative reviews the claims first, then pays or settles those that are valid, and rejects the rest.
3.
Most states have expedited probate procedures for settling some estates that allow one to avoid a trip to court.
True. Most states have streamlined probate procedures for handling the settlement of small estates, or even larger ones if they are uncomplicated.
4.
Which of the following statements is true?
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.
5.
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.
False. The personal representative, whether executor or administrator, is never permitted to give himself or herself preferential treatment in managing the estate.