What is the name of your state (only U.S. law)? Wyoming
My family and I have some problems which we need to find solutions.
In September of 2008 my father was killed in a ranching accident. At the time he was trustee, power of attorney, and sole care taker of my elderly grandmother. My grandfather set the ranch up as a corporation, years ago. When he passed his shares went to my grandmother, and when she passed they were all supposed to go to my dad. In case if he predeasesed my grandmothers portions were all supposed to be promised to my mother. Two days after the passing of my dad his brother took my grandmother, who is late stage dimensia, to the ranch's financial institution and tried to remove my mothers name from the accounts. Of course using my grandma as a tool. He succeeded in getting my parents name off of her personal account. (This all of course before there were any death certificates) He failed at getting any changes done to the corporations account. Soon after my grandma was sent to live in a different town with one of my aunts.
About a month later the family attended a corporate meeting where the new trustee was announced (the brother mentioned earlier). He is now in control of just over half of the voting shares. In reality he ownes .8% of the corporation! My mother owns 19% and my siblings and I each own 3%. He voted my mother off the board and voted in two of his siblings (using the term voted when I should say selected). So then the new board of the corporation had been named. It was said that my grandma was going to be put in a nursing home. Meeting was adjourned, and everybody went home.
I must say that my parents were residing in my grandmothers house so that they could be with her all of the time. Later on the same afternoon as the meeting the "new board members" ,and an extra aunt of mine, came to the house. They walked in without knocking and took all of the pictures of the walls, looked at us with disgust and left. They never thought of taking my grandmas shower chair, or her bathroom items. On several occasions my mother was called and threatened to be sued if she didn't change the accounts, but still the death certificates weren't in. Somehow the bank account was changed. My uncle at one point told my brother that we had no right to see our grandmother ever again. Within 15 days of the meeting my mother was sent a letter stating that she either needed to pay an enormous amount of money or vacate by December 1st. Between the dates of Oct 30th and December 1st they came and emptied the house that my mom and brothers were still living in. Every time was unannounced. We had never been invited to any meetings, or even so much as a phone call.
It is now December 29th. All of the livestock that the corporation owned has been sold. All of the hay, and even the ranch itself. When the land was lasted appraised in 2000 its worth was about $8 million. The trustee has agreed to sell it for less than a million. We were also told that my grandmother is not going to a nursing home.
Could it be suggested that the actions of the trustee have been out of spite? Isn't there some obligation of honesty and morality when becoming a trustee such as he is? The threats? I'm also afraid that my uncle sold the land so that he could lease it for himself. Personal gain? He has refused to give us a copy of the actual trust and financial documents. Where is all of that money going to. They have made thousands and thousands of dollars already without selling the ranch. I have asked, but I've not yet gotten any strait answers. What can my family and I do to ensure that we aren't getting taken advantage of, and that we get what we are owed since he is selling everything that the corporation owns. I guess I'm not quite familiar of just what the fiduciary duties of a trustee are. Is he in possible breach?
Any answers would be much appriciated!!
Thank you!
My family and I have some problems which we need to find solutions.
In September of 2008 my father was killed in a ranching accident. At the time he was trustee, power of attorney, and sole care taker of my elderly grandmother. My grandfather set the ranch up as a corporation, years ago. When he passed his shares went to my grandmother, and when she passed they were all supposed to go to my dad. In case if he predeasesed my grandmothers portions were all supposed to be promised to my mother. Two days after the passing of my dad his brother took my grandmother, who is late stage dimensia, to the ranch's financial institution and tried to remove my mothers name from the accounts. Of course using my grandma as a tool. He succeeded in getting my parents name off of her personal account. (This all of course before there were any death certificates) He failed at getting any changes done to the corporations account. Soon after my grandma was sent to live in a different town with one of my aunts.
About a month later the family attended a corporate meeting where the new trustee was announced (the brother mentioned earlier). He is now in control of just over half of the voting shares. In reality he ownes .8% of the corporation! My mother owns 19% and my siblings and I each own 3%. He voted my mother off the board and voted in two of his siblings (using the term voted when I should say selected). So then the new board of the corporation had been named. It was said that my grandma was going to be put in a nursing home. Meeting was adjourned, and everybody went home.
I must say that my parents were residing in my grandmothers house so that they could be with her all of the time. Later on the same afternoon as the meeting the "new board members" ,and an extra aunt of mine, came to the house. They walked in without knocking and took all of the pictures of the walls, looked at us with disgust and left. They never thought of taking my grandmas shower chair, or her bathroom items. On several occasions my mother was called and threatened to be sued if she didn't change the accounts, but still the death certificates weren't in. Somehow the bank account was changed. My uncle at one point told my brother that we had no right to see our grandmother ever again. Within 15 days of the meeting my mother was sent a letter stating that she either needed to pay an enormous amount of money or vacate by December 1st. Between the dates of Oct 30th and December 1st they came and emptied the house that my mom and brothers were still living in. Every time was unannounced. We had never been invited to any meetings, or even so much as a phone call.
It is now December 29th. All of the livestock that the corporation owned has been sold. All of the hay, and even the ranch itself. When the land was lasted appraised in 2000 its worth was about $8 million. The trustee has agreed to sell it for less than a million. We were also told that my grandmother is not going to a nursing home.
Could it be suggested that the actions of the trustee have been out of spite? Isn't there some obligation of honesty and morality when becoming a trustee such as he is? The threats? I'm also afraid that my uncle sold the land so that he could lease it for himself. Personal gain? He has refused to give us a copy of the actual trust and financial documents. Where is all of that money going to. They have made thousands and thousands of dollars already without selling the ranch. I have asked, but I've not yet gotten any strait answers. What can my family and I do to ensure that we aren't getting taken advantage of, and that we get what we are owed since he is selling everything that the corporation owns. I guess I'm not quite familiar of just what the fiduciary duties of a trustee are. Is he in possible breach?
Any answers would be much appriciated!!
Thank you!