Executor Preparation Course: Quiz #4

What is the leading cause of estate disputes?

Correct! Wrong!

Tense or non-existent family relationships are the #1 cause of estate disputes. The nuclear family is changing and blended families have become commonplace, but the introduction of more complicated dynamics has also increased disputes.

You've missed an application deadline and now have to pay a penalty fee plus interest. Is this cause for a dispute?

Correct! Wrong!

Yes. If a beneficiary feels you diminished the value of the estate due to a mistake, they can file a dispute against you.

You accumulated thousands in legal fees fighting an estate dispute. Who has to pay for it?

Please select 2 correct answers

Correct! Wrong!

If you do not have Executor Liability Insurance, you will be forced to pay for any legal fees associated with your estate litigation. In some older cases executors have used estate funds to cover legal fees, but that is being reconsidered.

An executor can be removed if they are deemed unfit for the role. True or False?

Correct! Wrong!

True. A dispute can be filed to remove an executor if there is reason to believe they are unfit, typically due to mental instability.

Your sister was left some jewellery in the will, but now it cannot be found. Who is responsible?

Who's in charge of the estate?
Show hint
Correct! Wrong!

It is the executor's job to take inventory of all estate assets before anyone is allowed to remove anything from the estate. If something goes missing, you're on the line for it.

You finished your executor tasks two years ago but now a creditor is claiming they didn't get paid. Who is responsible?

Executors can be legally responsible for up to 10 years after the testator has passed.
Show hint
Correct! Wrong!

As the executor, you are responsible for reopening the estate and proving that the creditor's claim is false.

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