The trust held one thing.

A managed portfolio account at First National, in a standard allocation, on an automatic rebalance.

It held no real property, no business interest, no private company stock, no notes, no royalties and no illiquid asset of any kind.

It made one distribution in nineteen years, of three hundred and eighty dollars.

It filed one tax return a year, prepared by the bank for a hundred and forty dollars.

Cooke’s report says that the annual administrative burden on the two trustees, taken together, was in the order of four to eight hours per year, consisting principally of reviewing quarterly custodial statements and executing an annual tax authorisation.