I feel the fiduciary handling the family trust is doing a poor job. I reported her once to CA Fiduciary board for numerous things and she was reprimanded for not billing the estate for 2 1/2 years. She has not billed us since Dec.2014 again. She uses a Morgan Stanley broker that purchased LIDCX, class C stock that has 1*, low returns and average risk and a gross expense ratio of 1.90% It has lost about 25% in value. She has 135K sitting in a non-interest bearing acct. The trust is set up where we receive the interest. Last accounting there was no Schedule C-1 so I have no clue where the $1300/$1900 went. I asked for a c-1 and was told the first 2 quarters were given.The funds are not growing, my CFP reviewed everything and felt it was poorly handled.
The terms of the trust should have a provision as to the replacement of the successor trustee. It is recommended that you review that and then consult with an attorney and the other beneficiaries [if applicable]. to have the successor trustee replaced.
Review terms of trust regarding process to terminate and replace trustee and any investment advice provided to trustee.
You may petition to remove trustee if terms of trust being violated, poor performance, failure to properly account.
Normally, a well-drafted Trust would have provisions for the replacement of the Trustee under circumstances that would call for it. If needed, have your Attorney file a Motion to Replace the Trustee with the appropriate Court. Good Luck.
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Sorry to hear about your problem. Here is what I advise: Review the trust with an attorney in Marin County familiar with Trust Administration and Probate. Determine what the trust provisions provide: 1) for removal of the trustee; 2) for investments – must they be income producing are non-income producing assets permitted; and 3) for trust provisions concerning applicability of the California Uniform Prudent Investors Act to Trust Fiduciaries. This kind of review will let you know how and if to proceed. Bring documentation concerning the reprimand of the Fiduciary and any correspondence, emails and Fiduciary bills and other documentation you have concerning trust affairs with you to the attorney interview. Don’t sit on this any longer. Good Luck.
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