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If you are the trustee then the costs will be relatively minimal. You would invest the money for the benefit of the children. If there is a trust as I suspect there is from what your post said the attorney asked you, the trust will govern the level of discretion you have in investing the funds. You can invest the funds in a brokerage account, bank cds unless there are specific directions in the trust agreement. You can have the trust file tax returns for income earned or you can explore distributing enough assets to have the beneficiaries pay the taxes. This is something you can discuss with an accountant.
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