Dealing with Breach Of Fiduciary Duty? Seek Guidance You Can Trust
Between the grief of a recent loss and the complications of the legal system, probate can be a painful time for Texas families. Add in the stress of serving as a personal representative or dealing with someone who is not fulfilling their duties and it can be overwhelming.
The dedicated and recognized legal team at Doehring & Doehring Attorneys at Law can guide you through the complexities of breach of fiduciary duty cases, offering peace of mind during challenging times.
What Is Fiduciary Duty?
A fiduciary duty is a legal responsibility to act in the best interests of another entity, like beneficiaries or an estate. In probate, the executor of a will is a fiduciary. Sometimes, trustees, guardians and agents under a power of attorney are fiduciaries, too. This means they must put aside their own interests when making decisions. Failing to fulfill these legal obligations may be considered a breach of fiduciary duty.
What Must An Executor Do?
An executor’s role is a prime example of fiduciary duty in action. An executor is legally obligated to act in the best interests of the beneficiaries or estate, ensuring that all assets are managed responsibly and distributed according to the will.
Executors must prioritize the needs of the beneficiaries above their own and maintain transparency throughout the probate process. Here are just a few things an executor must do:
- Identify and secure all estate assets
- Pay debts and taxes owed by the estate
- Distribute assets to beneficiaries according to the will
- Keep accurate records of all transactions
- Act impartially and in the best interests of all beneficiaries
If you are an estate executor, our probate lawyers can help you understand your responsibilities and fulfill them properly.
When Are Executors In Violation Of Their Fiduciary Duty?
Executors violate their fiduciary duty when they act against the best interests of the beneficiaries. Common violations include:
- Self-dealing or using estate assets for personal gain
- Failing to properly manage or protect estate assets
- Ignoring the terms of the will
- Favoring certain beneficiaries over others
When these or other violations occur, legal action may be necessary. Parties may have grounds to file lawsuits or petitions to remove the executor. Our team can help you understand when an executor is in violation of their duties and guide you in taking necessary action to protect the estate and its beneficiaries.
Contact Our Texas Attorneys For Peace Of Mind In Probate
If you’re serving as a fiduciary or have concerns about a fiduciary’s performance, we’re here to help. Call 866-456-2361 or contact us online to discuss fiduciary duties or any other probate matter. We proudly serve clients throughout Houston, Cypress and Sugar Land.