After a trust is initially created, it’s important to manage and, if the trust is revokable, to update it as significant life events occur. From graduating, getting married, having kids, and grieving the passing of loved ones, there are various stages throughout our lives when a trust should be revisited to ensure all information and designations are still up-to-date. Luckily, there are fiduciaries (who have “fiduciary duties”) 
to help manage certain aspects of your trust.
A fiduciary is the person or institution who the beneficiary has charged with the responsibility to help administer the the trust. A trust fiduiary can be a trustee, trust protector or other person with a special role in administering the trust. The fiduciary is required by law to exercise a certain standard of care in their role. If the fiduciary fails to do so, they breach what is called their “fiduciary duty.”
If the fiduciary does not abide by their fiduciary duties and a fiduciary dispute arises as a result, there are a few actions you can take.
Fiduciary Duties in a Trust
Fiduciaries of a trust are generally concerned with the general financial oversight, planning, and growth of the assets included in the trust. A trust fiduciary may be charged with managing the trust’s investments, making distribution decisions, or making elections at various times during the life of the trust.
Securities and Investment Litigation & Arbitration
Typically, when a fiduciary dispute occurs, an individual has been harmed by the misconduct of the fiduciary they are working with; the individual then decides to file a claim that states that person or institution has breached their fiduciary duty. Examples of this type of misconduct include making unsuitable investments, using trust assets to benefit themselves, churning or excessive trading with trust assets.
Alternative Dispute Resolution for Fiduciary Duties
If you ever find yourself in a fiduciary dispute, you might consider filing a trust dispute case. Alternative dispute resolution (ADR) is an alternative through which you can lessen the time, cost, and confrontation that occurs in traditional litigation.
With ADR, rather than going to court in front of a trial and jury, the offended party and the fiduciary meet with lawyers or a neutral 3rd-party mediator to reach a mutually agreed-upon settlement. This takes away the pressure of being in a courtroom and allows for a more open dialogue in a private setting.
If Your Fiduciary Breaches Their Fiduciary Duties, We Can Help
If your fiduciary has breached their fiduciary duties and you have been harmed by their misconduct, call our law office at 404-892-9797 or fill out our contact form here to set up a free consultation with our experienced litigation and mediation team.
Gaslowitz Frankel LLC is the Southeast’s premier fiduciary litigation law firm. Our legal team specializes in all aspects of fiduciary disputes with over 30 years of experience representing individuals, executors, trustees, and more in complex fiduciary disputes involving wills, estates, and trusts.
