The duty of a fiduciary is often referred to as the highest duty under the law. When a trustee, executor or administrator is named to an estate, that person should be of utmost integrity and trustworthy to the fullest degree. A breach of fiduciary duty can cause significant harm to beneficiaries of an estate, and it is important in such a case to work with a Bryan probate lawyer.
Breach of Fiduciary Duty in Probate Matters
When an estate is to be probated, an executor or other designated party is given the responsibility of preparing all the necessary documents, including the will. This individual may have been named by the decedent or appointed by the court. In either case, he is thereby the fiduciary, and as such carries significant responsibilities. Among the documents that the named fiduciary needs to produce for the probate court are:
• All creditor claims
• Account information, including account numbers and balances
• Information about all real property
• Details of other personal property
• The most recent will
The named also must make information about the estate and any trust that has been established available to the beneficiaries. When the person agrees to serve as fiduciary, he or she must be prepared to act in the best interests of the beneficiaries, even when such interests are adverse to their own. Failure to do so which causes financial injury to the beneficiaries constitutes a breach of fiduciary duty.
Understanding When a Duty Is Breached
It is important to keep in mind that a breach of fiduciary duty can occur unintentionally. On the other hand, a beneficiary may believe that a breach has occurred when, in fact, the matter was simply a misunderstanding. It is important that you speak with an attorney if you believe that one of your rights has been violated to your financial detriment, or if you have been accused of breach of fiduciary duty. An experienced attorney will be able to assess the matter thoroughly and disinterestedly and determine whether a breach has occurred. When a breach occurs, generally the remedy is legal action against the fiduciary.
It Is Important to Have Legal Representation
If you believe that a breach of fiduciary duty has occurred, or you are a named fiduciary and have been accused of a breach, it is very important that you work with a strong and knowledgeable Bryan probate attorney. Call Peterson Law Group today to arrange a consultation at 979-703-7014 or 936-337-4681.