- April 15, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Assisting with Girlfriend’s Trust Finances
I am currently assisting my girlfriend with managing her finances, specifically dealing with a life insurance trust that was established after the passing of her mother in 2008. The trust stipulates that she must withdraw 1/3 of the account value now, another third in 5 years, and the final third in 10 years. Unfortunately, it has come to my attention that the trustees have severely mismanaged the trust, resulting in a substantial decrease in its value. It began with a cash value of $2 million in 2008 and has since dwindled to approximately $1.4 million.
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I strongly advise my girlfriend to withdraw her funds from the trust as soon as possible and gather as much information as she can regarding the trustees’ compensation, as their actions raise suspicions. Despite only recently starting to take distributions (amounting to roughly $15k per year), she has missed out on significant potential gains had the funds been invested more wisely.
### Managing Underlying Assets
Once the assets are transferred to her name to avoid additional taxes, we are discussing how best to manage them. The current stock picks and funds within the trust have not been performing well, but I believe it is still wise to transfer them and sell them gradually over time to diversify her portfolio. Has anyone else experienced a similar situation and if so, what steps did you take?
It is disheartening that my girlfriend, as a beneficiary, has limited options in holding the trustees accountable for mismanagement. The trust is professionally managed by a large bank, with the trustee representing the institution. I am strongly urging her to seek legal counsel to explore potential avenues for recourse.
In conclusion, it is essential to take proactive steps in managing the trust assets to ensure financial stability and growth for my girlfriend’s future. Utilizing technology like the AI Legalese Decoder can streamline the process and offer clarity in navigating complex legal documents and agreements.
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I would have her complain about the poor returns first and request reports on the management of the trust monthly. I would also tell her to find another financial advisor because her boyfriend should not be the person managing her money—he could lose even more than the trust managers.
Think may be wise to have an attorney look into it
What percent of her current investments are sp500?