What property must a bank take control of when appointed as executor?

Prepare for the Canon Financial Institute CFIRS Exam with flashcards and multiple choice questions. Each question comes with hints and explanations for better understanding. Get ready to excel in your exam!

When a bank is appointed as an executor, it has the responsibility to manage and distribute the entire estate of the deceased, which encompasses all real and personal property owned by the testator at the time of death. This includes not only tangible assets like real estate and vehicles but also intangible assets such as bank accounts, stocks, and other investments.

By taking control of all the testator's assets, the bank can effectively carry out the estate's administration. This involves settling debts, managing the estate's ongoing expenses, and ensuring that distributions to beneficiaries are made according to the terms of the will or applicable intestacy laws. The executor must encompass every asset to fulfill these duties adequately and transparently.

The other options suggest limitations that do not align with the full scope of duties required of an executor. An executor is not limited to just supportive documents, only personal property, or property jointly held with a spouse, which are overly restrictive interpretations of the executor's role.

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