A fiduciary is a person or entity that owes fiduciary duties to another party. In a will, the fiduciary is known as an executor, and, once appointed by the court, it is the executor’s duty to administer the estate expediently, with as little loss as possible, for the benefit of the creditors and beneficiaries.
When an executor fails to perform their fiduciary duties adequately, the estate’s beneficiaries and/or creditors can petition the court to remove them and appoint a new executor. To determine whether you have grounds to seek removal of an executor, you must first know what duties they owe and what a breach of fiduciary duty looks like.
What is Fiduciary Duty?
Fiduciary duties are legally imposed standards to which fiduciaries must adhere. These duties are broadly defined to cover a wide range of scenarios. Generally, fiduciary duties are the standards that ensure fiduciaries act in the best interests of those to whom they owe duties.
In estate planning documents, such as wills and trusts, fiduciary duties can usually be categorized as either a Duty of Loyalty or a Duty of Care. The Duty of Loyalty means that an executor must avoid self-interested acts and behave in the best interests of the parties they serve. The Duty of Care requires an executor to act in good faith and perform their duties as if they were performing them in their own interest.
Related article: What is the Fiduciary Duty of Loyalty?
In What Ways Can an Executor Breach Fiduciary Duties?
Self-Dealing and Conflicts of Interest
Self-dealing, also referred to as a conflict of interest, occurs when an executor acts for their own benefit, rather than the benefit of the estate’s creditors and beneficiaries. This can be as blatant as stealing funds from the estate or delaying distributing assets to drive up their fees.
Failure to Administer Estate in a Timely Manner
An executor must perform their duties diligently and in a timely manner. There is no time limit to complete administration of an estate. What a court considers “timely” will usually depend on the size of the estate, whether an estate tax return must be filed, and the difficulty of divesting the estate of assets necessary to pay the debts and administration expenses.
Related Article: 4 Things You Need To Know About Contesting A Will
How Attorneys Can Help When Contesting an Executor of a Will
Litigation to remove an executor is complicated and difficult to navigate without the expertise of fiduciary lawyers. Premier fiduciary lawyers in Atlanta, Georgia, Gaslowitz Frankel, can talk through your case with you, helping you determine if you have grounds to take legal action. Our lawyers alleviate stress and are willing to represent you in court or in alternative dispute resolution procedures.
The Premier Fiduciary Attorneys for the State of Georgia
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. Fill out our contact form for a free consultation.
