I am the beneficiary of a trust fund, and my uncle, who was the trustee, took about $300k (essentially all of it) that came from the sale of an apartment the trust once owned and rented out. He then spent the money on a property he was renting to renovate, but later got evicted for not paying rent, which basically gave the landlord a free renovation.
My uncle admitted to using the money verbally (including in a recording from a one-party consent state), in written letters, and he even signed a repayment contract for about $328k. He is now about to fail to begin repayment, even after a six-month grace period, during which he agreed repayment would start and continue over the following six months.
I also recently discovered roughly another $50k in missing rental income, and I have documentation to support that. He refused to provide bank statements, denied me access to the account even when I needed funds for school, and at one point sent altered bank statements. I was able to debunk them because I already knew the actual balance and recognized that he had reused an older legitimate statement I also had access to, including the same barcode and reference numbers next to the dates.
He never checked up on me and often ignored my texts and calls when I asked about the account. At the same time, he tried to tarnish my reputation with family by claiming I had fallen into addiction and suggesting he was supporting me through school. He also wrote letters to my grandmother and aunt calling me manipulative, immature, and wrongly influenced.
My mom and grandma encouraged me to agree to the repayment contract, but honestly I felt from the start that he wouldn’t follow through and that it might just delay accountability. Now that repayment is about to not happen, it seems like some family members are starting to see through him and his wife’s attempts to emotionally influence the situation.
I genuinely can’t believe I’m down about $300k right now, especially knowing it was tied up in what feels like another failed business attempt of his. I’m overwhelmed and honestly don’t know what to do next.
LOCATION: Georgia