My mother, a self made millionaire invested with American Express years ago with someone associated with her church. They advised her to set up "charitable remainder unitrust"; the proceeds of which would go to her church.
Upon the death of her pastor she wished to change the benefactor to the Baptist childrens home because she stopped attending the church. As her daughter we attempted to change the benefactor with little success and brought in my brother, a lawyer, to assist us. American Express refused to change it and needless to say, my mom passed away without the change occuring. Now the proceeds will go to a church she stopped attending.
Am considering a legal suit. Any advice? They take your money and you lose control?
Sure she was elderly but definitely not demented at the time she tried to change the benefactor. What gives?
Reason of review: Bad quality.
Monetary Loss: $70000.
Preferred solution: As family we should be able to designate the proceeds to the benefactor of my mother's choice.
American Express Pros: Worse nighmare.
American Express Cons: Untruths delay tactics.