What is the name of your state (I'm in TX, Trust is in MS).
Background info: My grandmother wrote her will so that when she passed, a trust would be set up for my mom, me, and my sister. During probate, the lawyer had the trust set up at a bank in Mississippi. My family and I live in Texas. The fund was set up to provide for mine and my sister's educations and my mother's retirement.
Our original trust fund officer is retiring soon, so the trust has been moved to a new officer. This woman is driving my family nuts. We were never notified about the change in officers (she claims that he hasn't officially retired yet, that's why we haven't gotten notification, yet, he isn't involved in the trust anymore) nor were we kept informed about the trust's activity.
Since the trust's inception, the trust has lost almost $82,000 due to poor investment choices. I know the market's down, but if my mom's tiny little investment fund can make money with Fidelity, shouldn't these people at least be able to break even???
Also, this woman has made it almost freaking impossible to get any money out of the fund. When I wanted to pay off my student loans, she refused to let the money pass through my hands at all. She insisted on writing the check to the government herself in one lump sum. And now, she has to decide if she's going to reimburse us for money spent on school supplies. (I provided her copies of the receipts from the bookstore and she's still being wishy-washy about it.)
The fees she has been charging us are freaking ridiculous and she almost refuses to explain what they're for. My mother has asked multiple times for a balance sheet of the trust fund's activity and they just keep giving her BS and percentages. Seriously, how hard is it just to write down all the numbers for each transaction the trust has been through?
Anyways...the point of all this is that we (all the beneficiaries) have decided that we want to dissolve the trust, or at least move it to Texas and get a new trustee. My question is, how do we go about doing one or the other?
Thanks for any help or suggestions, and also for letting me vent.
Background info: My grandmother wrote her will so that when she passed, a trust would be set up for my mom, me, and my sister. During probate, the lawyer had the trust set up at a bank in Mississippi. My family and I live in Texas. The fund was set up to provide for mine and my sister's educations and my mother's retirement.
Our original trust fund officer is retiring soon, so the trust has been moved to a new officer. This woman is driving my family nuts. We were never notified about the change in officers (she claims that he hasn't officially retired yet, that's why we haven't gotten notification, yet, he isn't involved in the trust anymore) nor were we kept informed about the trust's activity.
Since the trust's inception, the trust has lost almost $82,000 due to poor investment choices. I know the market's down, but if my mom's tiny little investment fund can make money with Fidelity, shouldn't these people at least be able to break even???
Also, this woman has made it almost freaking impossible to get any money out of the fund. When I wanted to pay off my student loans, she refused to let the money pass through my hands at all. She insisted on writing the check to the government herself in one lump sum. And now, she has to decide if she's going to reimburse us for money spent on school supplies. (I provided her copies of the receipts from the bookstore and she's still being wishy-washy about it.)
The fees she has been charging us are freaking ridiculous and she almost refuses to explain what they're for. My mother has asked multiple times for a balance sheet of the trust fund's activity and they just keep giving her BS and percentages. Seriously, how hard is it just to write down all the numbers for each transaction the trust has been through?
Anyways...the point of all this is that we (all the beneficiaries) have decided that we want to dissolve the trust, or at least move it to Texas and get a new trustee. My question is, how do we go about doing one or the other?
Thanks for any help or suggestions, and also for letting me vent.