Paralegal Advanced Competency Exam (PACE) Practice Exam

What is the primary responsibility of an administrator of an estate?

1. Collect all assets and settle debts of the decedent

2. Determine the heirs of the decedent's estate

3. Sell off the decedent's property immediately

4. Manage the financial investments of the heirs

The correct answer is: Collect all assets and settle debts of the decedent

The primary responsibility of an administrator of an estate involves collecting all assets and settling the debts of the decedent. This encompasses identifying and gathering the decedent’s property, which can include real estate, bank accounts, personal belongings, and any other types of assets. The administrator must also ensure that all debts and claims against the estate are paid before distributing any remaining assets to the heirs. This is a critical part of the probate process, as it helps to ensure that the decedent's financial responsibilities are met before any distribution takes place. Completing these tasks is essential to fulfilling the fiduciary duty owed to both the decedent's creditors and the heirs. The other responsibilities mentioned, such as determining the heirs or managing financial investments of the heirs, may indeed be part of the broader duties associated with managing an estate but are secondary to the core responsibility of asset collection and debt settlement. Selling property is a potential step in this process but is not an immediate priority or required action.