Which of the following is true regarding the responsibilities of an executor or administrator?

The responsibilities of an executor or administrator in the context of estate management include several key duties, one of which is the ability to receive compensation for their services. This compensation is typically governed by state laws and can be a percentage of the estate's value or an hourly rate, depending on the complexity of the estate and the time involved in administering it.

Executors and administrators are entrusted with managing the assets of the estate, which includes real estate, settling debts, paying taxes, and distributing remaining assets to beneficiaries. As they fulfill these duties, the allowance for compensation recognizes the time and effort involved in handling the estate's affairs.

While there are certain actions, such as selling property or making significant decisions, that may require court approval, the general rule allows them to receive payment for their efforts. This compensation is often motivated by the need to ensure that qualified individuals are willing to undertake the responsibilities of managing an estate, which can be a demanding task.