Account opening, closing, or management

Posted on Posted in Bank, Complaints

review

My elderly parents were sold a trust from Wells Fargo ( WF ) in XXXX by their attorney, XXXX XXXX of XXXX, XXXX XXXX. When property in the trust was sold in a criminal way during my father ‘s lifetime he requested his attorney to move the trust to XXXX. XXXX XXXX determined not to help even though my father, in his XXXX, was XXXX. The trust remained with XXXX XXXX main client, WF. After my father ‘s death, none of the assets of the trust were administered correctly. WF concealed the disposition of some of the assets until we were forced to go to court to see what happened to them. Despite evidence proving complete mismanagement by WF, XXXX XXXX of the XXXX, MN ruled in favor of WF and levied {$35000.00} in court costs against the beneficiaries for questioning where the assets went. WF had an obligation to inform the beneficiaries of the asset distribution. WF has consumed most of the assets of the trust through negligence and inappropriate charges. Beneficiaries have received {$.00} on the dollar, 5 years after my father ‘s death, with little chance of seeing more. {$800000.00} of my parents ‘ XXXX XXXX have either been consumed or will likely remain unavailable. XXXX XXXX has grossly overcharged the trust by repeatedly ” reviewing the file ”, with no benefit to the beneficiaries as specified in trust law. The property manager, XXXX XXXX, repeatedly blamed the beneficiaries for Wells Fargo ‘s failure to sell the home despite Wells Fargo owning the assets of the trust. We are on our XXXX trustee. XXXX XXXX was appointed by XXXX XXXX. XXXX XXXX has spent the money in the trust, destroyed the garage and shop by refusing to remove excessive snow, causing a roof collapse, and completely neglecting the property by not maintaining or even mowing the lawn. He has provided no documentation of expenses. He collected an insurance payment for the damage that I discovered in XXXX XXXX. Neither XXXX XXXX nor the realtor had checked on the property since the roof collapse in XXXX of XXXX. To date XXXX XXXX has not had the destroyed garage removed from the property. It has been impossible to market since the destruction occurred in XXXX XXXX. XXXX XXXX also refused to remove snow in the winter, thus preventing any realty showings. He has violated every fiduciary responsibility of a trustee. I wrote to XXXX XXXX XXXX begging to get rid of XXXX XXXX and asking that I be made trustee. My father ‘s will designated me as personal representative in the absence of WF, but XXXX XXXX ignored that. In response XXXX XXXX said that the communication was ex parte and demanded that I file motions with the court. Why would I expect a different response than the completely inadequate XXXX that we got before? We are stuck with a trustee who has broken the law in destroying our property, and with a judge who is in charge. We have been prohibited by XXXX XXXX via court order from contacting XXXX XXXX who is in charge of the destruction. On XXXX XXXX, XXXX I received a call from a man who had known my parents and is familiar with the house. He was interested in pursuing an offer. He recontacted me a month later saying that XXXX XXXX had ” blown him off ”, and that he had heard nothing further from him. He then said he was no longer interested. XXXX XXXX could scarcely have been any more incompetent at selling the home, his main purpose as trustee.
When I have explored other websites to report WF ‘s mishandling of the trust I was discouraged by the requirement that the issue had not been addressed in court. Clearly, WF is familiar with using courts to their advantage. Although we had been told initially that the hearing was an ” evidentiary hearing ”, it morphed into a trial with a trial attorney representing WF. The judge applied different standards to WF than to us.

Leave a Reply