Cannon Financial Institute CFIRS Practice Exam

The primary responsibility of a Bank Trust Department acting as executor of an estate is to marshal assets, pay debts, and distribute according to the will. This role entails overseeing the entire estate administration process, ensuring that all assets are properly identified and secured, settling any outstanding debts and obligations of the deceased, and distributing the remaining assets to the beneficiaries as specified in the will. This process is critical for maintaining the integrity of the estate and ensuring compliance with legal obligations while fulfilling the decedent's wishes.

While managing personal finances, maximizing property sales, and providing financial advice are important functions in various contexts, they do not capture the essential duties of an executor, which focus on administration, compliance, and proper distribution according to the decedent's wishes. In an executor role, the Bank Trust Department must prioritize these fiduciary responsibilities to effectively manage the estate.