In this Elder Law and Estate Planning Minute, St. Louis area attorney, Wes Coulsn, discusses trust investments by Trustees and sheds light on a common misconception that all of a trust’s investments have to be in one place.
Investments by Trustees
Hi, I’m Wes Coulson and this is your Elder Law and Estate Planning Minute. One of the most common questions we’re asked when we talk to people about placing assets into a trust is: “Well, how can the trustee invest them?”
One common misconception is that a trust all has to be in one place (everything invested in the same bank, or same brokerage), that’s not true. A trust can have investments in as many places as you could personally. Other than that, in terms of types of investments, a trustee can invest in anything that you could personally, as long as the trustee remembers that he or she is a fiduciary investing somebody else’s money. So for instance, if you want to invest all your money in baseball cards, beanie babies or penny stocks, you can do that, but if you are investing somebody else’s money, as I like to say, you need to do that as a responsible adult. Other than that, a lot of leeway for trustees. Thanks.
For more on Trusts, visit these articles:
- Common Estate Planning Mistake #3: Trying to plan an Estate around specific assets
- Funding a Trust: Safekeeping your Assets
- What’s the Difference Between a Revocable Trust and an Irrevocable Trust?
Coulson Elder Law is dedicated to providing families in the St. Louis area with their Elder Law needs. Our practice areas include Asset Preservation Planning, Veterans Benefits, Medicaid Eligibility, Alzheimer’s Planning, Special Needs Planning, Estate Planning and more. We understand the financial challenges you may face as you and your loved ones grow older. At Coulson Elder Law, our clients’ well-being is our number one priority. For immediate help, call (877)995-6876 or Contact Us and we will get in touch as soon as possible.