• Report: #841412

Complaint Review: First American Trust

  • Submitted: Sat, February 18, 2012
  • Updated: Sat, February 18, 2012

  • Reported By: opilo — Laguna Beach California United States of America
First American Trust
1 First American Way Nationwide United States of America

First American Trust First American Company, First American Mortgage Servcices, First American Title Insurance Company, Mismanagment of Trust Assets and Income to Beneficiary Santa Ana, Nationwide

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First American Trust (FACO) took over a family trust that is to provide the deceased husband's spouse with income for the remainder of her life.  When the deceased husbands spouse dies, the remainder beneficiary of the trust assets go to one of his daughters.

From the time FACO took over as trustee the trust has decreased in value along with the income.  FACO now takes almost the same amount is fees as the income to the current beneficiary spouse.  FACO does this by overpaying for municipal bonds with very low yields. 

FACO's fees are outrageous with a 1% take on the first one million and 1.3% on the remainder.  Their fee take continues on regardless of their performance.

In addition, FACO has purchased many non-income stocks that have not performed due to poor selection by the FACO investment consultants.

All of this is a direct violation of Californias Uniform Prudent Investor Act.  FACO should fire themselves and let the trust go to a competent trustee.

This report was posted on Ripoff Report on 02/18/2012 02:07 PM and is a permanent record located here: http://www.ripoffreport.com/r/First-American-Trust/nationwide/First-American-Trust-First-American-Company-First-American-Mortgage-Servcices-First-Ame-841412. 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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