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CalAttorney2
CalAttorney2, Attorney
Category: Legal
Satisfied Customers: 10237
Experience:  Civil litigation attorney for individuals and businesses.
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I have a $200,000 trust fund from my father, who died in

Customer Question

I have a $200,000 trust fund from my father, who died in 2013. It is in my name only. My mother told me that it is my money, to use as needed. I am 41 years old. I called the trust company last week and requested $1500 to cover some upcoming medical bills for my daughter. When I called the trust company to withdraw the money, I spoke with a man who also happens to be my mother's financial advisor. He asked what I needed the money for and told him. The next week, he spoke with my mother and told her that he had just talked to me.
Of course, she asked me why I talked to him. I told her that I withdrew money to cover some upcoming medical expenses.
I feel very upset about this. They are a small town but I no longer live in this small town and it seems unethical and intentional that he would talk to my mother about this.
With the trust being only in MY NAME, is this ethical???? Seems like a breach of trust and a conflict of interest.
Please advise. I am considering moving my trust portfolio to another company.
Nicole Stiles ***@******.***
Submitted: 11 months ago.
Category: Legal
Expert:  CalAttorney2 replied 11 months ago.

Dear Customer,

While this is certainly not ethical, it is not prohibited (a financial adviser does not have a confidential relationship such as you would find with an attorney/client or physician/patient communication).

You may want to get the trust document itself which governs these funds so that you can move them to a new trust fund manager that you can have more confidence in. A new financial advisor or money manager will be able to help you with this - if you run into problems, then hire a lawyer. (Your current bank's branch manager or supervisor can help you with referrals to local money managers or financial planners if you do not have someone in mind).

Best regards,

Bill

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