Yep, in that situation there would be a way to get the firearms to someone else via whatever process the deceased's estate is being dispensed, because the owner is dead. In this case, the firearm, under MA law, is still the property of the original owner. If the bank comes into ownership of it, this should technically be noted on an FA-10. Either way, it isn't the OPs.
Then I guess the question is CAN the bank own it? Can a firearm be owned by a non-person entity that does not have an FFL? I'm guessing that they can't.