XXXXX and XXXXXX, residual beneficiaries of the XXXXX Trust, state to the Court as follows:
1. Letter of Appointment for US Bank states XXXXXXX became Trustee on February 26, 2002.
2. Said trustee has not maintained a complete accounting of all receipts and disbursements. Initial Report fails to show income and disbursements prior to September 19, 2002.
3. Said trustee has not provided a detailed, itemized accounting of the following checks written from XXXXXX Trust by Trustee, XXXXX:
a. March 27, 2002 for Cashier Check $ 6,799.00 to undisclosed party
b. April 11, 2002 for Check 2023 for $ 6,309.23 to undisclosed party
c. June 13, 2002 for Check 2024 for $ 5,018.90 for Cashier Check to XXXXXX
d. July 2, 2002 for Check 2041 for $ 914.66 for Cashier Check to XXXXXX
e. August 12, 2002 for Check 2041 for$ 833.80 for Cashier Check to undisclosed party
f. August 26, 2002 for Check 2042 for $ 8,359.27 for Cashier Check for "Taxes & Insur." Said trustee does not provide an accounting for how much of this check was for taxes and how much for insurance.
4. Said trustee fails to show any income receipts from February 26, 2002 through September 19, 2002.
5. Said trustee has neglected to pay property taxes for 2002. Taxes for January 2002 to July 2002 due March 31, 2003 were not paid by said Trustee and became delinquent. Public notification of delinquency was published in the [local newspaper] on June 3, 2003. Moreover, unnecessary penalties have been accrued as a consequence of this delinquency. This has been a public embarassment to the family. The originator, XXXXX, always paid his bills well in advance of them becoming due. See Exhibit A.
6.It appears that said trustee for US Bank has already taken his annual fee in advance of this application to the Court. The beneficiaries request an explanation for this.
7. Said trustee provides no itemized accounting for the time involved for the services of XXXXX [Law Firm] claimed in Exhibit B. XXXXX and XXXXX were never informed of nor conferred with regarding the use of this firm.
8. Said trustee has not provided beneficiaries with a copy of the farm lease agreement for 2002. XXXX and XXXX have made repeated requests for this lease agreement. XXXX and XXXXX question whether a farm lease agreement was ever prepared by said trustee.
9. Said trustee has not conferred regularly nor reasonably with beneficiaries XXXX and XXXX. Said Trustee has repeatedly failed to apprise the beneficiaries in advance of transactions affecting trust property and to inform them regarding matters of administration in spite of their requests for information.
10. Said trustee of U.S. Bank has made a substantial decision regarding the removal of the farm real estate from the trust by which U.S. Bank derives a beneficial interest through the employment of its farm management services. This decision by said trustee is to the detriment of pursuing the most aggressive and diversified interests of the trust. Moreover, this decision contradicted the wishes of XXXX XXXXX in the establishment of the trust.
11. Said trustee has not administered the trust in an impartial manner. Said trustee has repeatedly privileged the interests of the residual beneficiary XXXXXX and neglected the interests of beneficiaries XXXXX and XXXXX. Said trustee has repeatedly conferred with XXXXXX and has failed to confer with XXXXX and XXXXX. Said trustee has appeared to pursue the financial interests of XXXXXX over and above the interests of all other beneficiaries. Said trustee has done so to the detriment of pursuing the most aggressive, diversified interests for the trust.
WHEREFORE, the undersigned, XXXXX and XXXXX, do not approve of the initial report by said trustee and do hereby request that the Court remove and replace XXXXX by either another US Bank trustee or, preferably, a trustee from XXXXXXX in Des Moines.