A “fiduciary” refers to an individual or entity with a legal duty to act in the best interest of someone else (the beneficiary). These relationships typically arise in the context of a business or professional relationship. However, the idea of a fiduciary relationship has a broad meaning and includes technical and informal relationships that occur whenever one person trusts...
Continue ReadingSuing a trustee for a breach of fiduciary duty is the only way for a beneficiary to recover a loss in trust value or profits. When a beneficiary files a lawsuit, they can enforce the trustee’s duties and stop them from harming their share. If the damage is irreparable, the court can remove the trustee and order them to...
Continue ReadingWhen you appoint someone as your attorney-in-fact, trustee, administrator, or executor, you trust them to act in your best interests. In fact, they have a legal obligation to do so. If they don’t, you or your estate can file a breach of fiduciary claim to recover any damages you might have suffered as a result of the breach. When...
Continue ReadingIndividuals create estate plans to help secure their family’s future after they’ve departed. Often, when planning, questions about employer-sponsored retirement plans arise. When you enroll in an employer-sponsored retirement plan, you designate beneficiaries and trust that your employer and investment company will do the right thing regarding your investments.These plans must be managed by fiduciaries for the benefit of...
Continue ReadingLife presents many instances when we must place our trust and confidence in a knowledgeable advisor such as a lawyer, corporate director, real estate broker, or executor. By doing so, we often put our financial well-being on the line. Because courts and legislators recognize the risk inherent in these relationships, the law requires these trusted individuals to act in...
Continue ReadingA fiduciary duty arises from a special relationship of trust and confidence. It requires the fiduciary to act in the best interests of another person. The law formally imposes this duty for some interactions—like when it requires lawyers to put their clients’ interests before their own. In other cases, Texas courts recognize an informal fiduciary duty. This obligation stems...
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