My brothers and I inherited our father's share of a successful family farm. My father was the oldest of four. When my father died in 2001, my uncle (who has farmed the property since my grandfather's death) became Trustee of a family trust.
We found that yearly reports were never made on this trust. After we requested these, vague and rather informal reports were then compiled for us. We have never received all of the information we have requested.
Before my grandmother passed away last year, we were aware of at least one trust account from which she regularly gifted. We have requested copies of bank records, but have been told by my uncle's attorney that he is not required to produce these.
He informed us by letter last month that he would be investigating with his accountant the possible sale of the farm property and distribution of real estate assets this fall or next year. We then found out through third parties that the farm property has been scheduled for auction 90 days from the date of his letter to us. Pursuant to terms of the trust, we have 90 days to dispute any action he takes.
We feel strongly at this point that he is not living up to his fiduciary duties and that he is and has used trust assets for his own benefit rather than the benefit of the beneficiaries. However, we have not as yet been able to convince the other two beneficiaries of the need to remove him. One is close, but is hesitant. We feel strongly that an independent trustee is in order, as millions of dollars in assets are at stake.
The three of us as brothers simply do not have the resources to engage in drawn out litigation, and feel that any challenge to him as trustee would be met with his heavy resources and ability to defend his position. Our grandparents were highly successful. The farm has historically been capable of producing a half million dollars in profit annually. However, all of my grandparents' share of this is currently unaccounted for and all we are told we are eligible to receive is the proceeds from the sale of real estate.
The ironic thing is that I am a paralegal of 12 years and work for a powerful and large firm. After retaining representation from my own firm, I alone spent $6g in legal fees in two short months, making continued representation and negotiation with my uncle impossible. We are really looking for some sort of remedy, but do not know our options at this point and I'm losing sleep. Is there anyone who can provide any sort of guidance or suggestions? Thanks very much for any time -
We found that yearly reports were never made on this trust. After we requested these, vague and rather informal reports were then compiled for us. We have never received all of the information we have requested.
Before my grandmother passed away last year, we were aware of at least one trust account from which she regularly gifted. We have requested copies of bank records, but have been told by my uncle's attorney that he is not required to produce these.
He informed us by letter last month that he would be investigating with his accountant the possible sale of the farm property and distribution of real estate assets this fall or next year. We then found out through third parties that the farm property has been scheduled for auction 90 days from the date of his letter to us. Pursuant to terms of the trust, we have 90 days to dispute any action he takes.
We feel strongly at this point that he is not living up to his fiduciary duties and that he is and has used trust assets for his own benefit rather than the benefit of the beneficiaries. However, we have not as yet been able to convince the other two beneficiaries of the need to remove him. One is close, but is hesitant. We feel strongly that an independent trustee is in order, as millions of dollars in assets are at stake.
The three of us as brothers simply do not have the resources to engage in drawn out litigation, and feel that any challenge to him as trustee would be met with his heavy resources and ability to defend his position. Our grandparents were highly successful. The farm has historically been capable of producing a half million dollars in profit annually. However, all of my grandparents' share of this is currently unaccounted for and all we are told we are eligible to receive is the proceeds from the sale of real estate.
The ironic thing is that I am a paralegal of 12 years and work for a powerful and large firm. After retaining representation from my own firm, I alone spent $6g in legal fees in two short months, making continued representation and negotiation with my uncle impossible. We are really looking for some sort of remedy, but do not know our options at this point and I'm losing sleep. Is there anyone who can provide any sort of guidance or suggestions? Thanks very much for any time -
