corporate trustee caused hardship for beneficuary

[jstcrazd]

arizona
my wife is a beneficiary of a irrevocable trust that is managed by a corporate trust bank . my wife has had issues with the trustees depositing her monthly support payments on the agreed date of the month which is the 1st which we don't consider late until the 3rd . our first issue with the trustees was in the beginning she asked if they could auto pay a monthly waste removal fee "dumpster" . they agreed she sent all the nec info in an email to the trustee unfortunately we failed to confirm in person only that it was received and opened so we assumed that it was being handled because we didn't hear of any issues from the trustee . we had no idea that there was any problems until we got informed that the bill was in collections thus reducing my wife's credit score from 720 to 520 . so we have since went back to managing our bills ourselves . issue #2 the monthly support payments have been late 12 out of 16 times and some payments being not the amount agreed upon and at least 1 month of no payment at all forcing us to pawn valuables and obtain vehicle loans to pay bills while waiting on the late payments sometimes as late as 21 days. we have had several meetings with the trustees to address the importance of timely deposits because we are in the process of starting a equine breeding,trading and showing business ie."live animals" which they agreed to assist in and have helped us purchase 2 of our show horses totalling "75000.00" . I have tried to even offer solutions to them stating multiple times if they would give my wife the income generated which the trust clearly states that all income is to be given to the beneficiary . it would create a safety net in case of late deposit issues .the trust states that the trustee can provide maint and support.my wife has been through so much in the last 3yrs she lost her mother unexpectedly then her only brother less than a year later .I told the trustees that of all people in her life I felt they should be her rock the one besides me that she could always count on I'm so upset with their disregard for my wife

 

[Zigner]

It's your (your wife's) responsibility to make sure her bills are paid. You never stop paying them until automated payments kick in, and even then you need to monitor it.

 

[quincy]

You deleted your other thread. Did you not like the responses you received?

 

[jstcrazd]

It's your (your wife's) responsibility to make sure her bills are paid. You never stop paying them until automated payments kick in, and even then you need to monitor it.

your right . but in her defense she was still greiving the loss of her mother and dealing with all of the after effects that a death brings and she assumed that a billion dollar bank was capable of paying 1 bill .

 

[jstcrazd]

You deleted your other thread. Did you not like the responses you received?

no I deleted the wrong one on accident because I had duplicates by mistake and the forum deleted the other automatically so I had to repost and no I welcome all comments and appreciate those who find the time to share their knowledge.

 

[Zigner]

your right .

Yes.

but in her defense she was still greiving the loss of her mother and dealing with all of the after effects that a death brings and she assumed that a billion dollar bank was capable of paying 1 bill .

The same company that wasn't even able to send the money directly to her on the agreed-upon date?
Look, there's no need to "defend" your wife because the fact is, as you acknowledge, that it was her responsibility to make sure the bill was paid.

 

[zddoodah]

In future posts, please make a better effort to use proper capitalization and punctuation and avoid run on sentences. Doing so will make it easier to read and understand what you write.

Also, you didn't ask a question, so I'm not sure what the purpose of your post is.

my wife is a beneficiary of a irrevocable trust that is managed by a corporate trust bank . my wife has had issues with the trustees depositing her monthly support payments on the agreed date of the month which is the 1st which we don't consider late until the 3rd .

First of all, "we"? This has nothing to do with you, right? Second, what exactly is your wife entitled to under this trust? On a couple of occasions, you referred to the "agreed date" and the "agreed amount," and it would not be common for a trust to leave the date or amount of payments to a beneficiary to the agreement of the trustee and beneficiary.

we had no idea that there was any problems until we got informed that the bill was in collections thus reducing my wife's credit score from 720 to 520

Sorry, but it's hard to believe that late payment of "a monthly waste removal fee 'dumpster'" (whatever that means) would have that large of an impact on one's credit score.

we are in the process of starting a equine breeding,trading and showing business

So...your finances are such that you have to pawn assets to pay monthly bills but you think this is a good idea?

 

[jstcrazd]

In future posts, please make a better effort to use proper capitalization and punctuation and avoid run on sentences. Doing so will make it easier to read and understand what you write.

Also, you didn't ask a question, so I'm not sure what the purpose of your post is.




First of all, "we"? This has nothing to do with you, right? Second, what exactly is your wife entitled to under this trust? On a couple of occasions, you referred to the "agreed date" and the "agreed amount," and it would not be common for a trust to leave the date or amount of payments to a beneficiary to the agreement of the trustee and beneficiary.




Sorry, but it's hard to believe that late payment of "a monthly waste removal fee 'dumpster'" (whatever that means) would have that large of an impact on one's credit score.





So...your finances are such that you have to pawn assets to pay monthly bills but you think this is a good idea?

well zipdididoda sorry if capitalization and punctuation stops u from being able to understand English! I was looking for a little helpful information which is obvious u either dont have or are not willing to share .which kinda defeats the purpose of the forum ?! oh and yes when it comes to my wife it's always us that's the best part of being married .so if you have anymore of your useless crap ........save it my plate is pretty full of that already .

 

[jstcrazd]

my question must have been cut out when I copied and pasted . I apologize . the monthly support payments have been the #1 issue .so are the late payments to my wife enough to remove them as trustees .also the agreed amount and date every month were an agreement between my wife and the trustees

 

[Zigner]

my question must have been cut out when I copied and pasted . I apologize . the monthly support payments have been the #1 issue .so are the late payments to my wife enough to remove them as trustees .also the agreed amount and date every month were an agreement between my wife and the trustees

Probably not - payments would be handled according to the trust. Any agreement outside of that is purely a courtesy.

 

[zddoodah]

well zipdididoda sorry if capitalization and punctuation stops u from being able to understand English! I was looking for a little helpful information which is obvious u either dont have or are not willing to share .which kinda defeats the purpose of the forum ?! oh and yes when it comes to my wife it's always us that's the best part of being married .so if you have anymore of your useless crap ........save it my plate is pretty full of that already .

If you don't answer questions and otherwise expound on relevant facts, you're not going to get any useful information in response.

 

[quincy]

arizona
my wife is a beneficiary of a irrevocable trust that is managed by a corporate trust bank . my wife has had issues with the trustees depositing her monthly support payments on the agreed date of the month which is the 1st which we don't consider late until the 3rd . our first issue with the trustees was in the beginning she asked if they could auto pay a monthly waste removal fee "dumpster" . they agreed she sent all the nec info in an email to the trustee unfortunately we failed to confirm in person only that it was received and opened so we assumed that it was being handled because we didn't hear of any issues from the trustee . we had no idea that there was any problems until we got informed that the bill was in collections thus reducing my wife's credit score from 720 to 520 . so we have since went back to managing our bills ourselves . issue #2 the monthly support payments have been late 12 out of 16 times and some payments being not the amount agreed upon and at least 1 month of no payment at all forcing us to pawn valuables and obtain vehicle loans to pay bills while waiting on the late payments sometimes as late as 21 days. we have had several meetings with the trustees to address the importance of timely deposits because we are in the process of starting a equine breeding,trading and showing business ie."live animals" which they agreed to assist in and have helped us purchase 2 of our show horses totalling "75000.00" . I have tried to even offer solutions to them stating multiple times if they would give my wife the income generated which the trust clearly states that all income is to be given to the beneficiary . it would create a safety net in case of late deposit issues .the trust states that the trustee can provide maint and support.my wife has been through so much in the last 3yrs she lost her mother unexpectedly then her only brother less than a year later .I told the trustees that of all people in her life I felt they should be her rock the one besides me that she could always count on I'm so upset with their disregard for my wife

How old is your wife?

Who set up the trust and how was it set up?

It doesn’t sound like you and your wife are in the financial position right now to be buying horses.

 

[stealth2]

your right . but in her defense she was still greiving the loss of her mother and dealing with all of the after effects that a death brings and she assumed that a billion dollar bank was capable of paying 1 bill .

One would think that, as a caring and loving spouse, you would have offloaded those responsibilities during her time of grief and handled paying bills yourself.

 

[TrustUser]

this thread is a perfect demonstration of what is wrong with this site. ever since i can recall, there have been members who need to make accusations.

before clicking the "post reply" button, read your own comment. and then truly ask yourself whether you would find this comment helpful and being in the right spirit, if you were the OP asking the question.

if not, dont post it.

no one is being forced to reply. if you dont like something about the question from the op, then simply ignore the thread.

 

[quincy]

this thread is a perfect demonstration of what is wrong with this site. ever since i can recall, there have been members who need to make accusations.

before clicking the "post reply" button, read your own comment. and then truly ask yourself whether you would find this comment helpful and being in the right spirit, if you were the OP asking the question.

if not, dont post it.

no one is being forced to reply. if you dont like something about the question from the op, then simply ignore the thread.

And your post is helpful to jstcrazd in what way?

Although I understand that jstcrazd is looking for information, the bottom line is that the trust that was established and how it is being administered is his wife’s concern. He cannot change the terms and conditions of the trust, as much as he may want to. If his wife has issues with the trust’s administration, she can seek out an attorney who is licensed to practice in her jurisdiction.