Assume that Brian resigns as trustee. Pursuant to the terms of the trust, a family friend, Lenora, becomes trustee. Lenora sells the houses and invests the proceeds in government bonds. How should the receipts from the house sales be reported for accounting purposes—as income or principal? Is Lenora complying with the duty of impartiality? To whom should Lenora send annual reports? Can Lenora hire an investment advisor?

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