CFIRS QUESTIONS WITH 100 % CORRECT ANSWERS | VERIFIED

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 must take control of: the terms of a decedent's will - A testamentary trust is established by under court order with unanimous consent of all beneficiaries, including representation for minors and unborns, provided the purpose of the trust is satisfied. - An irrevocable trust can be terminated prior to its normal distribution date: communicate with beneficiaries. - Trustees have a fiduciary duty to: is setup during the grantor's lifetime. - An inter vivos trust is one that: irrevocable - In many jurisdictions, unless the power to revoke is specified, the trust is said to be: without a valid will - If a person dies, intestate, they died: The full value of the property subject to the power will be included in the holder's estate. - An individual holding a testamentary general power of appointment will be taxed on which of the following?$575,000 - A decedent owns $400,000 in her own name, a $150,000 home jointly with her spouse and ownership of a $100,000 life insurance policy with the children as beneficiaries. The amount of her gross estate is: refer to the trust instrument - In making an encroachment for the beneficiary, the trustee should: durable power of attorney - A type of a power of attorney which survives even though the principal may become incapacitated is a $25,900 gift in fee simple using both spouse's annual gift tax exclusion. - The following property is NOT included in the gross estate of a decedent: Crummey power. - "When funds are deposited to the trust, the beneficiaries are to be notified of their right to withdraw the contribution for a period of 30 days. If they do not request a withdrawal in writing within 30 days of their notification, their power to withdraw lapses and the trustee may invest the funds as they see fit." This is an example of a: daily - In securities lending, the securities should be marked to market: agent bank - In security lending, the investment of cash collateral is the responsibility of the: the principal - A lender institution offering customer securities on an undisclosed basis is considered: 102% - On domestic security loans, the margin requirement is generally: maximizes investor return fora given level of risk - The asset allocation process leads to a portfolio that 30% large-cap stocks, 10% international stocks, 40%treasury bills and 20% intermediate bonds - The least volatile asset allocation listed below isassessing risk tolerance - A major step in asset allocation is the proceeds of any shares sold to their clients will be placed in escrow until the entire issue is sold or the selling deadline is reached - ABS Securities, a broker-dealer firm, has joined with a number of other investment banking firms in an underwriting syndicate created specifically to bring to market an initial public offering of shares for Noyes Corporation. The initial public offering is to consist of 10 million shares. The underwriting syndicate has just finished negotiating the deal with Noyes Corporation, and the IPO is to be an all or none offering. This means, for ABS Securities, that