A state appellate court has directed that money a man bequeathed to three churches be placed in more lucrative investment vehicles after the churches complained they were seeing virtually no benefit from the gifts.
A unanimous panel of the Appellate Division, Third Department, said it was empowered by Estates, Powers and Trusts Law to authorize the amendment of investment restrictions in accordance with the Prudent Investor Act guidelines under EPTL 11-2.3.
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