A fiduciary duty is a legal obligation that one party has to another to act in their best interests. This duty is typically seen in relationships where there is a power imbalance, such as between the trustee and beneficiaries of a trust or an executor and the beneficiaries of an estate. When acting as a …
A breach of fiduciary duty occurs when a “fiduciary,” such as the personal representative of an estate, a trustee, or a guardian, fails to comply with the duties created by the nature of their relationship with another person. A fiduciary relationship exists whenever one person places confidence and trust in and is at some level …
A fiduciary duty is a legal obligation for a person in a position of trust and confidence, like a trustee or the executor of an estate, to act in the best interest of another party. If a fiduciary fails to act in the beneficiary’s best interest, they have likely breached their fiduciary duty. An experienced …
How do you protect yourself as a trustee? The first step is to take the time and learn more about what you are signing up for. Do your research, ask questions, consult a trust attorney, and ensure you understand the duties and obligations that need to be fulfilled as trustee. Your legal liabilities can be …
Trustees are considered to be fiduciaries, so they are held to the highest legal standard. Given the duties and responsibilities that fiduciaries must satisfy, there are various grounds for filing a lawsuit against a trustee. Negligent behavior that constitutes a breach of their fiduciary duty is one of these reasons. At RMO, the most common …
The person who sets up a trust appoints one or more trustees to manage the trust assets for the benefit of the trust’s beneficiaries. According to California Probate Code §16000, trustees have a legal obligation to follow the instructions outlined in the trust instrument when administering the trust. As part of this duty, trustees must …
What Happens If a Trustee Refuses to Give a Beneficiary Money? Read More »
A fiduciary duty is one of the most demanding obligations that exists under the law. It requires a person in a position of trust and confidence, such as a trustee, executor, administrator, or personal representative to act with utmost good faith and loyalty towards the beneficiaries of the trust or probate estate they are administering. …
A conflict of interest for a trustee occurs when the trustee’s personal interests potentially conflict with their responsibilities to the trust beneficiaries. What qualifies as a conflict of interest for a trustee? Trustees owe what is called a “fiduciary duty” to the trust and its beneficiaries. This means that the trustee must manage the trust …
The Trustee’s Guide to Conflict of Interest Claims Read More »
Any relationship between two parties in a transaction where at least one of the parties is required to act in good faith and for the benefit of the other party is said to be a fiduciary relationship. One of the most common examples of this is that a lawyer retained by a client, the attorney …