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Public
Title
Cannon Financial Institute CFIRs-NEWEST VERSION ALL QUESTIONS AND CORRECT ANSWERS LATEST UP
A sampling of questions from study guides for the CFIRs coursework from Cannon Financial Institute.
Flip terms and definitions
1
"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.
, "
TERM
B
Image
DEFINITION
2
"When the terms of an irrevocable living trust become illegal, imprudent, or impossible with which to
comply, the trustee (as with a testamentary trust):
a. Should petition a court of proper jurisdiction for instruction as to the proper course of action.
b. Is protected in following regulatory guidance provided by the trustee's primary regulator.
c. Is protected in following directions of a majority of the beneficiaries.
"
TERM
A
Image
DEFINITION
,3
"As executor of an estate, a bank must take control of:
a. Only such property as contained in schedule A attached to the will.
b. All real and personal property owned by the testator at death.
c. All personal property owned by the decedent at the time of their death.
d. All real and personal property owned by the deceased except the personal residence occupied by
the surviving spouse.
"
TERM
B
Image
DEFINITION
4
"A testamentary trust is established by:
a. The terms of a decedent's will.
b. A deposit of one's own money in his name as trustee for another.
, c. The settlor during his/her lifetime.
d. Order of the appropriate court.
"
TERM
A
Image
DEFINITION
5
"An irrevocable trust can be terminated prior to its normal distribution date:
a. If an adult beneficiary requests it of the trustee.
b. If a beneficiary no longer wishes the monies since they are in a high tax bracket.
c. Under court order with unanimous consent of all beneficiaries, including representation for minors
and unborns, provided the purpose of the trust is satisfied.
d. In the discretion of the trustee with the approval of the auditor.
"
TERM
Public
Title
Cannon Financial Institute CFIRs-NEWEST VERSION ALL QUESTIONS AND CORRECT ANSWERS LATEST UP
A sampling of questions from study guides for the CFIRs coursework from Cannon Financial Institute.
Flip terms and definitions
1
"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.
, "
TERM
B
Image
DEFINITION
2
"When the terms of an irrevocable living trust become illegal, imprudent, or impossible with which to
comply, the trustee (as with a testamentary trust):
a. Should petition a court of proper jurisdiction for instruction as to the proper course of action.
b. Is protected in following regulatory guidance provided by the trustee's primary regulator.
c. Is protected in following directions of a majority of the beneficiaries.
"
TERM
A
Image
DEFINITION
,3
"As executor of an estate, a bank must take control of:
a. Only such property as contained in schedule A attached to the will.
b. All real and personal property owned by the testator at death.
c. All personal property owned by the decedent at the time of their death.
d. All real and personal property owned by the deceased except the personal residence occupied by
the surviving spouse.
"
TERM
B
Image
DEFINITION
4
"A testamentary trust is established by:
a. The terms of a decedent's will.
b. A deposit of one's own money in his name as trustee for another.
, c. The settlor during his/her lifetime.
d. Order of the appropriate court.
"
TERM
A
Image
DEFINITION
5
"An irrevocable trust can be terminated prior to its normal distribution date:
a. If an adult beneficiary requests it of the trustee.
b. If a beneficiary no longer wishes the monies since they are in a high tax bracket.
c. Under court order with unanimous consent of all beneficiaries, including representation for minors
and unborns, provided the purpose of the trust is satisfied.
d. In the discretion of the trustee with the approval of the auditor.
"
TERM
