• Report: #693100

Complaint Review: First American Trust

  • Submitted: Wed, February 09, 2011
  • Updated: Sat, February 26, 2011

  • Reported By: C. R. — Indio California United States of America
First American Trust
4380 La Jolla Village Drive Suite 200 San Diego, Santa Ana, Glendale, San Bernardino, California United States of America

First American Trust First American Title Insurance Company Investment Trust 3 years of loss, Taking advantage by draining trust account with excessive investment fees after fathers death San Diego, Santa Ana, Glendale, San Bernardino, California

*Consumer Suggestion: I know the problem

*Author of original report: agreement reached

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Ever since First American Financial Corporation NYSE: FAF started investing my trust money 3 years ago my account has been in a decline.

The fee's they have been charging my account out weigh the income my account generates. A few years back I asked the company not to invest the money in order to avoid the fee's so my account wouldn't keep declining, the response from them was that I had no authority/control over how my account is invested.

I also informed First Am of California Probate Code Section 15408 and the section of the trust that gives them the power to terminate the trust. But they are to greedy to let my account go. My father trusted this company to make his money grow after he died but in the end they are taking more then my account can afford to give.

This report was posted on Ripoff Report on 02/09/2011 01:50 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-American-Trust/San-Diego-Santa-Ana-Glendale-San-Bernardino-California-92122/First-American-Trust-First-American-Title-Insurance-Company-Investment-Trust-3-years-of-lo-693100. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 1Consumer 0Employee/Owner
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#1 Consumer Suggestion

I know the problem

AUTHOR: Larry - (U.S.A.)

My father amassed a small fortune during his lifetime and decided that he did not trust my brother or me to spend his estate wisely, so he established a trust fund.  In 1998, a year after his death, the value of his stocks were 1.5 million.  Over the next ten years the trustees managed to drain and mismanage the investments to the point that they were worth less than 25% or their original value.

My advice to anyone who thinks a trustee will protect their estate needs to rethink the whole situatiion.  Professional trustees generate fee after fee by constantly buying and selling investments that they themselves control.  It's nearly impossible to fight the trustees as they will use the assets in your trust to defend themselves.  If you still insist on putting your estate in the hands of a trustee, put in a provision to limit the amount of fees that the trustee may charge and require that the value of the estate must increase by a certain percentage each year.  (There is no excuse for a professional money manager to lose money for his clients, regardless of the economy.)
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#2 Author of original report

agreement reached

AUTHOR: SueFirstAmerican - (United States of America)

agreement reached
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