Introduction
A fiduciary is a person or entity who has been entrusted with the care of another's assets, generally for the purpose of carrying out the desires or intent of the trustor. Because of the trust inherent in a fiduciary relationship, the law holds those with fiduciary duties to a very high standard. There are different types of fiduciary duties depending on the type of trust, but when it comes to breach of fiduciary duty, beneficiaries and trustee tend to be the ones who are most often involved in lawsuits.
A fiduciary is a person or entity who has been entrusted with the care of another's assets, generally for the purpose of carrying out the desires or intent of the trustor.
A fiduciary is a person or entity who has been entrusted with the care of another's assets, generally for the purpose of carrying out the desires or intent of the trustor. A trustee is one type of fiduciary.
Another common example is an attorney who represents a client in legal matters. The attorney must act in good faith, and must be loyal to their client's best interests at all times (unless they have obtained informed consent from their client). If an attorney breaches this duty by not disclosing something important about their representation, then that client may sue for breach of fiduciary duty in court.
There are different types of fiduciary duty depending on the type of trust, but when it comes to breach of fiduciary duty, beneficiaries and trustees tend to be the ones who are most often involved in lawsuits.
When it comes to breach of fiduciary duty, beneficiaries and trustees tend to be the ones who are most often involved in lawsuits. In some cases, the beneficiary may be suing against another beneficiary or the trustee may sue another trustee.
A beneficiary can sue a trustee if they feel that they have been wronged by the trustee's breach of fiduciary duty and want justice for this action.
An heir can also take legal action against an executor who fails to do his job properly or does not fulfill his duties according to law after inheriting property from someone else's estate.
Trustees can sue trustees who are dealing with their own interests at stake.
As a trustee, you are authorized to sue another co-trustee if he or she is dealing with your own interests at stake. For example, if the trust requires that an amount be paid from specific property in order for you to receive compensation for services rendered as a trustee, then you can sue the other co-trustee who refuses to distribute property or act unfairly in other ways like refusing to give information on account holdings.
Beneficiaries can sue trustees who refuse to distribute trust property or act unfairly in other ways, like refusing to give them information about their accounts.
Beneficiaries can sue trustees who refuse to distribute trust property or act unfairly in other ways, like refusing to give them information about their accounts. Under a fiduciary duty, a trustee has a duty to act impartially and cannot favor one beneficiary over another. A trustee also cannot use trust property for his or her own benefit.
If you're an heir of someone who passed away, ask your attorney if you may have grounds for suing the estate's executor or trustee for breach of fiduciary duty.
If you believe that a trustee has violated his or her fiduciary duty in some way, speak to an attorney right away.
If you believe that a trustee has violated his or her fiduciary duty in some way, speak to an attorney right away. Filing a lawsuit is often the only way to seek justice and compensation for damages caused by a breach of fiduciary duty. If you decide to file a lawsuit, do not delay; the statute of limitations may apply, which means that you must file your claim within a specified amount of time after the event happened. If it was recently denied by one judge, don't give up hope—there are several ways to appeal this decision (for example: filing an application for interlocutory review).
If you want more information on what legal options are available and how they may affect your case, contact us today! We'll be happy to answer any questions you might have about this topic or how we can help with yours."
The following people can sue for breach of fiduciary duty - beneficiaries, trustees and heirs (in some cases).
A beneficiary can sue a trustee who refuses to distribute trust property or act unfairly in other ways, like refusing to give them information about their accounts.
A trustee can also sue another trustee for breach of fiduciary duty if it appears that there was a conflict of interest between the two. For example, if one trustee buys stock in a company related to another trustee's portfolio and uses their position as trustees to enrich themselves without any benefit for the beneficiaries or their investments, they could be sued by both parties involved.
In addition to these cases where beneficiaries have legal standing to sue but are not required by law (unless they're minors), there are also situations where heirs may have standing under certain circumstances even though they aren't named in your will.
Conclusion
Fiduciary duty is a legal obligation that requires those entrusted with another's assets or property to act in their best interest. A breach of fiduciary duty occurs when someone fails to uphold this responsibility, which can lead to many different types of lawsuits depending on the circumstances. These lawsuits are often filed by beneficiaries and heirs seeking redress for losses that were incurred due to actions taken by trustees who failed in their duties as well as trustees themselves who sue each other because they disagree over how best handle trust assets or distribute funds from account distributions where legal claims.
If you believe that you have been wronged due to someone else's breach of fiduciary duty, CLICK HERE to schedule a free 30-minute consultation with Attorney Matthew R. Hess. Or feel free to contact us at (847) 367-6990 or by email at info@hesslawfirm.com.