CFIRS Study guides, Class notes & Summaries

is charged with the responsibility to marshal assets, pay debts and make distributions per terms of the will. - As executor of an estate, a Bank Trust Department typically: should petition a court of proper jurisdiction for instruction as to the proper course of action. - When the terms of an irrevocable living trust become illegal, imprudent or impossible with which to comply, the trustee: all real and personal property owned by the testator at death - As executor of an estate, a bank mus...

Which of the following is not taken into account in computing trust accounting income? A. Distributions made to a beneficiary B. Expenses attributable to earnings tax exempt income C. Trustee fees paid from income D. Tax preparation fees paid from income - Answer-Distributions made to a beneficiary In securities lending, the securities should be market to market: - Answer-daily In security lending, the investment of cash collateral is the responsibility of the: a. Borrower. b. Lender. c...