A fiduciary, whether a trustee, executor, or guardian, is legally required to act in the interest of the beneficiaries. When this duty is breached, Texas law offers several options for legal recourse. Filing a breach of fiduciary duty lawsuit Beneficiaries harmed by a...
If you are creating or updating your estate plan, you may be considering whether a family member can act as a fiduciary. The answer is yes, but there are important factors to consider. The role of a fiduciary A fiduciary handles critical tasks, such as managing...
When managing finances, property, or other significant assets, it’s common to face the decision of whether to appoint a fiduciary. Many wonder if placing your assets in the hands of a fiduciary is a good idea or not. Understanding the responsibilities of a fiduciary...
Accepting fiduciary duties can seem like a straightforward responsibility, but it comes with significant risks that you need to understand. Acting as a fiduciary means being legally obligated to act in the best interest of another party. Before taking on this role,...
Fiduciary duties come with a high level of responsibility. Understanding and following these duties is crucial for maintaining trust and ensuring the best interests of those you represent. Prioritizing your party’s best interests As a fiduciary, you must always act in...
Today’s estate management extends beyond traditional investments. Modern fiduciaries must grapple with digital assets. Dealing with online accounts and digital currencies requires specialized knowledge and careful planning. Fiduciaries and digital assets Digital...
Selecting someone to manage your estate after you are gone is an important decision. In Texas, this person is a fiduciary. The role of a fiduciary is to ensure the distribution of your assets according to your wishes. However, common mistakes when choosing a fiduciary...
Proper handling of an estate helps ensure that the beneficiaries will consider you a responsible overseer of their inheritance. As executor, one of your responsibilities is to deal with the final tax issues of the estate. The exact tax returns filed vary according to...
In the realm of managing trusts or estates, individuals entrusted with fiduciary duties play an important role. When they do not meet their responsibilities, it can hurt the people they should help. This can lead to a closer look at how these breaches impact...
Many people who write a will name a particular person in the document to serve as the executor of their estate. However, sometimes the testator outlives the executor, meaning the person selected to care for the estate is not available. To account for situations where...