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Question
Joe Smith has just died. Three months ago, when he knew that his death was impending, Joe established a spendthrift trust for the protection of his 16-year old son Bobby. The trust property consists mainly of $500,000 in investment securities. The trustee is Jack Purdy, a CPA. The trust agreement does not discuss the trust's termination. Answer the following questions regarding the trust. Can Jack invest trust assets differently than Joe invested them? For example, can he sell trust securities and buy others? Why or why not? Must Jack hire an investment professional to make trust investments?
Answer
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