Florida Breach of Fiduciary Lawyers for Trust and Probate Litigation
A fiduciary relationship is a legal bond in which one party is required to act in the best interests of another. In Florida probate and trust matters, fiduciary relationships most commonly arise between trustees and beneficiaries, personal representatives or executors and heirs, guardians and wards, and agents acting under a power of attorney. These relationships are built on trust and often involve the management of estate or trust assets.
Fiduciaries must act with loyalty and good faith. Sometimes a fiduciary fails to act in the best interests of the fiduciary relationship. When this occurs, they are in breach of the legal agreement. As a result, the fiduciary may face legal consequences, fines, and punitive damages.
Common Breaches
A breach of fiduciary duty may occur when the person in trust acts in their own self-interest rather than for the benefit of the estate, trust, or beneficiaries. Examples may include:
- Mismanagement: overall poor investment decisions or missing assets
- Theft: Property is missing or sold. Company funds are used for personal gain. Trustees or guardians are paying themselves too much.
- Ignoring legal documents: failure to follow will or trust documents, ignoring court orders
- Conflicts of Interest: Placing personal gain over beneficiary’s or partners’ welfare.
- Negligence: like mismanagement, however, negligence implies a lack of care
- Lack of transparency: failure to provide necessary documents
These breaches frequently arise in Florida probate and trust litigation, particularly during estate administration or trust management. When a trustee, personal representative, or other fiduciary fails to meet their legal duties, beneficiaries and heirs may have grounds to take legal action.
Florida Statutes Involving Breach of Fiduciary
The Florida Statutes define the fiduciary roles of various positions. A few examples include:
- Statute 736.0801 defines trustees’ duties in trust administration
- Statute 736.0802 Trustee must administer the estate solely in the interests of the beneficiaries. (Duty of Loyalty)
- Statute 736.0804 The trustee must administer the trust with reasonable care, skill, and caution. (Duty of Prudence)
- Statute 658.12 This governs trustees from financial institutions and trust companies including: committee, guardian, custodian, conservator, property, or an estate; registrar or transfer agent; fiscal or financial agent; trustee in bankruptcy and others. Your attorney understands complex Florida Statutes.
Florida Statutes remain numerous and complex. As a result, contact an experienced attorney if you require assistance regarding breach of fiduciary duty.
When to Contact a Breach of Fiduciary Lawyer
It becomes necessary to contact a breach of fiduciary attorney under the following circumstances:
- You suspect a trustee, personal representative, guardian, or agent under a power of attorney has mismanaged, misused, or concealed estate or trust assets.
- You are a beneficiary or heir and have been denied information, accountings, or distributions from a trust or estate.
- You believe a fiduciary is acting in their own self-interest rather than in accordance with a will, trust, or court order.
- You have been accused of breaching your fiduciary duties while serving as a trustee, personal representative, or estate fiduciary.
When you suspect that someone you trust may be committing a crime, your first step is to contact an experienced lawyer. Tell no one. Your attorney will advise you on the next steps. An experienced Florida attorney will guide you through the legal process.
If you have been accused of a breach of fiduciary duty keep quiet until you speak to an attorney. Hire an experienced lawyer that understands this area. Once again, your attorney will guide you through this complicated process. A conviction is a serious matter. Therefore, contact an experienced Florida attorney specializing in business, trust, or financial litigation.