Planning Intermediate: Overview of the Probate Process

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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.

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.

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.

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.

In estate planning, the personal representatives authority extends to all the decedents property located within his state of residence.

True

False

False. Assets disposed of outside the probate process are part of the "non-probate estate," and the executor or administrator has no control of these.