Fiduciaries, such as estate administrators and trustees of trusts, play crucial roles in the management and administration of the assets entrusted to them. A fiduciary who adheres to their obligations, like the duty of care and duty of loyalty, are invaluable assets. A fiduciary who breaches those obligations can cause havoc to your estate plan.
With decades of experience as the premier experts in Georgia fiduciary law, the attorneys at Gaslowitz Frankel LLC understand how frightening and frustrating it can be when the person who was meant to have your best interests at heart has acted in accordance with their own agenda.
Those who are experiencing conflict with their executor or trustee can turn to trust and estate litigation to gain back their peace of mind.
Related Article: What Happens When Fiduciary Duties Are Breached In A Trust?
What are the Duties of an Executor or a Trustee?
Executors and trustees are both fiduciaries who manage money or assets for others. “Executors” are fiduciaries for an estate. A “trustee” is the fiduciary for a trust.
Both trustees and executors have legal duties to the beneficiaries of the assets they are charged with administering. There are many types of fiduciary dutie, including the duties of care, disclosure, and confidentiality, to name a few.
The fiduciary duty of loyalty is the legal obligation by trustees and executors to act in good faith and in the best interests of the beneficiaries of the trust or estate they serve, rather than the fiduciary’s own best interest.
What to Do if There is a Breach of the Fiduciary Duty of Loyalty
The duty of loyalty is breached when a fiduciary acts for his own benefit, rather than that of the beneficiaries. Actions such as stealing assets, making self-interested investment decisions, loaning trust or estate assets to themselves, and charging excessively high fees are all ways a fiduciary can breach their duty of loyalty.
If your fiduciary breaches their duty of loyalty to you, there are several legal remedies available to you. You may petition the court to compel the fiduciary towards certain actions, to have the fiduciary removed and/or to pay damages resulting from their breach.
The attorneys at Gaslowitz Frankel LLC have a proven record of securing results for clients who experienced a breach of fiduciary duty. . Gaslowitz Frankel recently secured an $18.5 Million for a client whose husband had breached his fiduciary duties. Allow our attorneys to put our expertise to work for you.
About Gaslowitz Frankel LLC
We have the compassion and experience to guide beneficiaries toward understanding their unique situation and toward making the best decisions that optimize their outcomes. Our team has the expertise to address concerns beneficiaries have during the litigation process, including the desire to honor the deceased, avoid or minimize the time in court, alleviate stress, and make the best decisions for themselves and their families. Gaslowitz Frankel LLC has the passion and authority required to deliver clients with their ideal outcomes.
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