a bank as trustee

A bank will soon be appointed as a trustee of a trust
(in real life).

(General links below. Massachusetts)

http://www.legacy-banks.com/investment/planning.html

http://www.legacy-banks.com/about/index.html

Does anyone know if they can be forced to just put the
funds of the trust in a savings account, instead of
investing them?

-Stephen

 

You should be able to have the money invested wherever you like.

 

Thanks. A meeting will be occuring shortly with the
financial people there (2 guys apparently). No one has
yet said that the money can be put wherever we want
as yet however.

-Stephen

 

The bank will probably come up with a plan that includes investments they get an unspoken kickback on, mutual funds etc. Ask them very deliberately if they benefit in any fashion from fees, commission, soft dollars, referals etc. from any of the proposed investments.

 

Thanks. That is something to remember.

What I'm thinking about is 3 month CDs. This bank has
them. That way there is no reasonable possibility of any
financial loss. To me, and those going to meet with the
financial planners, the main thing is NOT to increase the
amount in the trust but to make sure the trust amount
remains the same or increases slightly.
The current beneficiary could still get
nice sized checks.

I'm just wondering what will happen. The trustee is now
this bank. Maybe the bank will just say "This is how it's going
to be and this is what are fees will be. There isn't anything
more to discuss."

-Stephen