Keeping Trusts Out Of Harm's Way

More beneficiaries say they're captives of bad managers

Trust funds: Don't those words just conjure up images of huge sums managed with loving care by tweedy bankers for the benefit of carefree heirs? Well, these days, the reality is something else. You'll still find banks running trust funds, but the average fund's size is less than $250,000, and the assets are probably part of a common pool of securities or mutual funds. Individual attention? Forget about it. Today's smaller trusts are more likely to be overseen by a harried banker who's running 300 other accounts as well. And the beneficiaries? They're mad as hell--and letting their banks know about it.

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