Question

As an executor of an estate, a Bank Trust Department typically:

a. Does not have a fiduciary duty.
b. Is charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will.
c. Can only serve if granted special permission by the regulatory authorities in addition to the bank's general fiduciary powers.
d. Must have capital in excess of the normal capital required to exercise general trust powers.

Answer 1

A Bank Trust Department, as an executor of an estate, is responsible for managing and distributing the assets of the estate according to the deceased person's wishes as outlined in their will.

Step-by-step explanation:

As an executor of an estate, a Bank Trust Department is typically charged with the responsibility to marshal assets, pay debts, and make distributions per terms of the will. This means that they have a fiduciary duty to act in the best interests of the beneficiaries of the estate.

Trust departments within banks often have specialized expertise and are regulated to ensure they fulfill this responsibility according to strict legal and ethical standards set by authorities, including ensuring compliance with consumer protection laws.

A Bank Trust Department, as an executor of an estate, is typically charged with the responsibility to marshal assets, pay debts, and make distributions per the terms of the will. This means that they are responsible for managing and distributing the assets of the estate according to the deceased person's wishes as outlined in their will. They work to ensure that the assets are accounted for, debts are paid, and the remaining assets are distributed to the beneficiaries.