Planning Intermediate: Overview of the Probate Process

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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.

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.

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.

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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.