Trust company sent information about my inheritance to relatives by mistake...

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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Captain kangaroo
Posts: 70
Joined: Mon Nov 27, 2017 12:45 am

Trust company sent information about my inheritance to relatives by mistake...

Post by Captain kangaroo » Mon Apr 09, 2018 12:57 am

The golden rule of an inheritance is "DONT TELL ANYONE"...well I didn't have to, the major US Trust company handling my parents estate just mistakenly sent out the complete portfolio I will be inheriting. They were supposed to mail out individual letters to the 7 relatives in my family who are being bequeathed money (between 5,000-25,000..a few of whom don't deserve it and will blow it within a month) stating what THEY will be receiving. Instead, the trust company sent out to each of them the entire 7 figure portfolio that I will be receiving. While this isn't causing me any financial harm, it has created a mess and I will be having certain family members coming out of the woodwork with sudden "financial hardships" that didn't previously exist. This is a very big and well regarded Trust company as well, who are taking a substantial fee for their services. The amount of incompetence I have experienced from these people has been mind blowing.

Gill
Posts: 4816
Joined: Sun Mar 04, 2007 8:38 pm
Location: Florida

Re: Trust company sent information about my inheritance to relatives by mistake...

Post by Gill » Mon Apr 09, 2018 6:55 am

Are you sure they weren’t entitled to this information? Are they receiving a specific dollar amount or a percentage of the residue?
Gill

123
Posts: 3895
Joined: Fri Oct 12, 2012 3:55 pm

Re: Trust company sent information about my inheritance to relatives by mistake...

Post by 123 » Mon Apr 09, 2018 9:25 am

When I received an inheritance from a small estate that went through probate 3 years ago the distribution notice from the attorney handling the estate identified all of the beneficiaries of the estate by name (and address I believe) as well as the specific dollar figure they were each receiving. Since probate is a court process the information is pretty much a public record (if someone makes the effort to find it). The disclosure seems essential to the public process to afford anyone involved the opportunity to raise an issue if the situation warrants it. If you are due a share of an estate what comfort do you have that you are paid correctly unless you know the total amount of the estate and how it is being distributed?

While I would have total confidence in Gill handling an estate I would be a little leery of most other attorneys.
The closest helping hand is at the end of your own arm.

Lastrun
Posts: 121
Joined: Wed May 03, 2017 6:46 pm

Re: Trust company sent information about my inheritance to relatives by mistake...

Post by Lastrun » Mon Apr 09, 2018 9:29 am

Captain kangaroo wrote:
Mon Apr 09, 2018 12:57 am
The golden rule of an inheritance is "DONT TELL ANYONE"
This is NOT the golden rule for a trustee.

Please see pages 146-150 of the UTC. Your state law may differ.

http://www.uniformlaws.org/shared/docs/ ... ev2010.pdf

While the trustee may have "spoon fed" the information the other beneficiaries, I suspect under most state laws and under most trust documents, they would be entitled to a copy of the entire trust instrument, and a listing of the trust assets---so 5th-grade math and reading skills would provide the same information.

FYI, the reason for this information flow is to allow the beneficiaries to "police" the trust or estate.

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