Merrill Lynchtrust management

Merrill Lynch in Minocqua, WI didn't follow my mother's trust starting in 2011. I was a co-trustee on my Mom's trust when she was determined to be incapacitated in May 2011. The trust became irrevocable. Three attorneys determined that I was a co-trustee on the trust. I stopped getting monthly financial statements from Merrill Lynch. I found out my sister wrote $112, 000 in checks to her children and other nieces and nephews but not mine on August, 2014. As co-trustee I should have been notified when my sister attempted this transaction and given the 50% decision-making power about this transaction. I was not notified. I had to get attorneys involved to get financial information which I finally did. I had to have forensic accounting done on the trust for the five years I didn't receive statements. When asked, the person in charge of the trust management said I would have to go through my sister?! My sisters ran my Mom's trust down to 2 1/2 months of liquid assets in her trust left to pay for her care when she passed away. I changed attorneys when my attorney canceled a meeting in front of a judge and I contacted the DA's office. I had to go through mediation and lots more attorney fees to get this situation settled. None of this would have occurred if Merrill Lynch had followed the trust. I made a complaint to Merrill Lynch to their compliance people after my Mom passed away. They investigated and have tried to make this mistake my fault! First they tried to say I wasn't a co-trustee. I countered with proof from three attorneys saying I was a co-trustee and their agent saying I was a co-trustee in e-mails. Then they said I hadn't turned in the letter of incapacity which I have e-mail documentation that I offered this letter and that Merrill Lynch didn't respond to this. They also did not give me the trust client forms to fill out until they noticed their error in November 2014. How is a consumer supposed to know what forms they need completed? The agent at Merrill Lynch made this mistake. They noticed their error after I had an attorney contact them in 2014. All I am asking for are my legal fees and forensic accounting fees that I wouldn't have had to pay if Merrill Lynch had done their job. It was very obvious at my Mom's memorial that the Merrill Lynch agent was guilty when he fell all over himself trying to please me. I have dealt with 3 compliance officers. "Compliance" means following the rules/laws. All they have done is try to make their obvious fault somehow my fault not to follow the law like they should have. They have error and omission insurance to take care of such glaring mistakes. I am just a consumer making a complaint. My attorney said that trying a lawsuit against a large company like Merrill Lynch would be dumping money down the drain. My Mom's trust was a useless document. I feel that Merrill Lynch should do the right thing and admit their many errors and make this right by covering the legal and accounting fees I had to incur due to their errors.

Jan 26, 2017

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