AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
![]() Similarly, a fiduciary is required to use any special skills he or she may have for the benefit of the beneficiary.Ī plaintiff suing for breach of fiduciary duty will need to show that a fiduciary relationship was established, there was a breach of that duty, and the breach of duty was the legal cause of the plaintiff's harm. For example, the duty of loyalty requires a fiduciary to put the interests of the beneficiary ahead of the fiduciary's self-interest and to avoid exploiting the relationship for the fiduciary's benefit. ![]() This means following the plain meaning of the language in the trust document and interpreting it reasonably.Ĭertain duties are abstract, such as the duty of loyalty, but they require the fiduciary to take a certain position towards the beneficiaries and make decisions accordingly. The first duty is to carry out the intent of the creator of the trustee as described in the trust document. If there are multiple beneficiaries, these fiduciary duties are owed to all of them. Fiduciaries have a number of statutory duties under the state trust code set forth in Chapter 736, including loyalty, carrying out terms of the trust documents, avoiding conflicts of interest, impartiality, objectivity, good faith and fair dealing, administering a trust prudently and in the interests of beneficiaries, incurring only reasonable expenses for the trust, disclosing how much the fiduciary is taking in compensation, providing an annual accounting, revealing investment losses, and using special skills or expertise. Trustees, guardians, and personal representatives of an estate are all fiduciaries who owe a duty to observe high legal and ethical standards in Florida, or else they may face personal liability. The compassionate trust and probate lawyers at the Dean Law Firm can help individuals in Ocala and beyond with these complex claims. If an individual accepts such an appointment and fails to live up to the fiduciary duties that are specified by statute, he or she can be held responsible through litigation. Those who are appointed to administer a trust or given power of attorney are tasked with many important obligations, including a fiduciary duty. ![]() Probate Attorneys Dedicated to Serving Ocala Residents
0 Comments
Read More
Leave a Reply. |