I also wholeheartedly concur.
When my mom died, my sister basically got her half of our shared assets outright.
Unfortunately for me, my half were put into a trust; which despite it not being stipulated anywhere is an "administrative" trust and apparently according to California law, must be handled by a bank (I do all of my personal financial stuff via a credit union and have used credit unions pretty much exclusively for 30 years). The initial bank: was Wells Fargo.
z0mg, the idiocy.
Eventually I at least managed to get some aspects moved to another bank, but they're still awful in many of the same ways. At least so far, I haven't been given excuses that an ACH transfer was delayed because of ice storms in Texas (Wells Fargo was founded in California, I live in California, and if their HA/Disaster Recovery is so bad that they can't handle ACH transfers when there is some inclement weather states away, I have no idea how they have stayed in operation at all).
My mom, in her infinite ineptitude, seems to find ways to haunt me from beyond the grave. ;-/ She owned some stocks. At one point I asked the bankers if I could have them sell those off (she was invested in companies I consider morally reprehensible) and instead take the funds and put them into a vegan mutual fund and was denied. Heck, they even denied a request for reimbursement on an oil change (I don't know what planet they live on where cars do not require oil changes as part of routine maintenance, but apparently they have a very different view of reality).
My best guess is: since the banks which handle administrative trusts, take a percentage of the funds from the trust, their entire incentive structure is to pay out from the trust to the trustees: as little as possible, since that maximizes the banks' profits.
The entire thing stinks.
I am not completely starving and destitute, but I remain homeless, thousands in debt and the bankers drag their heels with any simple request, despite being provided with more than sufficient documentation each and every time.
Perhaps, in theory, a trust attorney might be able to ameliorate some of the damage? I doubt it, every experience with lawyers is that they prey upon clients and no doubt what trickle of funds I receive would go to them and I would be end up in an even worse position.
When my mom died, my sister basically got her half of our shared assets outright.
Unfortunately for me, my half were put into a trust; which despite it not being stipulated anywhere is an "administrative" trust and apparently according to California law, must be handled by a bank (I do all of my personal financial stuff via a credit union and have used credit unions pretty much exclusively for 30 years). The initial bank: was Wells Fargo.
z0mg, the idiocy.
Eventually I at least managed to get some aspects moved to another bank, but they're still awful in many of the same ways. At least so far, I haven't been given excuses that an ACH transfer was delayed because of ice storms in Texas (Wells Fargo was founded in California, I live in California, and if their HA/Disaster Recovery is so bad that they can't handle ACH transfers when there is some inclement weather states away, I have no idea how they have stayed in operation at all).
My mom, in her infinite ineptitude, seems to find ways to haunt me from beyond the grave. ;-/ She owned some stocks. At one point I asked the bankers if I could have them sell those off (she was invested in companies I consider morally reprehensible) and instead take the funds and put them into a vegan mutual fund and was denied. Heck, they even denied a request for reimbursement on an oil change (I don't know what planet they live on where cars do not require oil changes as part of routine maintenance, but apparently they have a very different view of reality).
My best guess is: since the banks which handle administrative trusts, take a percentage of the funds from the trust, their entire incentive structure is to pay out from the trust to the trustees: as little as possible, since that maximizes the banks' profits.
The entire thing stinks.
I am not completely starving and destitute, but I remain homeless, thousands in debt and the bankers drag their heels with any simple request, despite being provided with more than sufficient documentation each and every time.
Perhaps, in theory, a trust attorney might be able to ameliorate some of the damage? I doubt it, every experience with lawyers is that they prey upon clients and no doubt what trickle of funds I receive would go to them and I would be end up in an even worse position.