A fiduciary, which stems from the Latin word fides (“trust”), is a person who has been legally authorized to oversee some aspect of another person’s assets or financial affairs. While there are various responsibilities that fiduciaries have – and while these responsibilities can vary from situation to situation, when a fiduciary fails to live up to his legal obligations, he can be accused of breach of fiduciary duty and, in turn, face lawsuits, etc.
To further illuminate what a breach of fiduciary duty entails and what the impacts of this breach can be, in this three-part blog series, we’ll present some important facts to know about this issue. In the event that you are dealing with breach of fiduciary issues, however, you can rely on the San Fernando estate planning attorney at the Law Offices of Darrell C. Harriman for experienced help favorably resolving these matters.
Breach of Fiduciary Duty: Here’s What You Should Know
1 – Fiduciaries can come in various forms.
Knowing when the fiduciary relationship may come into play in your life is key to understanding when breach of fiduciary duty issues could arise. While fiduciaries can take many forms and can include professionals like investment bankers and accountants, in terms of estate planning and estate administration, fiduciaries generally include (but are by no means limited to):
- Trustees
- Executors of wills
- People who hold financial powers of attorney
2 – In California, there are some specific requirements for taking action against alleged breach of fiduciary duty.
In particular, in order to take action when an alleged breach of fiduciary duty has transpired, California law stipulates that the following must exist:
- A fiduciary relationship.
- A failure to live up to the obligations of the fiduciary relationship (i.e., some specific breach of fiduciary duty).
- Damage or harm resulting from that breach of fiduciary duty.
We’ll bring up some more important facts about breach of fiduciary duty cases in the additional parts of this blog series that will be posted soon. Be sure to check them out!
San Fernando Estate Planning Attorney at the Law Offices of Darrell C. Harriman
Whether you believe a fiduciary has breached his duties or you are a fiduciary who has been accused of breaching your duties, you can turn to the trusted San Fernando estate planning attorney at the Law Offices of Darrell C. Harriman.
Our San Fernando Attorney Darrell C. Harriman has been dedicated to helping people resolving their various estate planning issues and disputes for more than three decades, and he is ready to put his experience, skills and knowledge to work for you.
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