Why Hire an Attorney After a Breach of Fiduciary Duty

Fiduciaries, such as personal representatives, trustees, or guardians, are entrusted with the responsibility of managing another’s financial affairs, estate or trust with utmost honesty, loyalty, and care. A breach of fiduciary duty occurs when a fiduciary fails to meet these obligations, causing harm to the beneficiaries. If you suspect such misconduct, having a conversation with a Pompano Beach estate litigation lawyer as soon as possible is key to protecting your rights and the integrity of the estate.

Key Indicators of Duty Breaches

A fiduciary is legally obligated to act in the best interests of the beneficiaries. Their duties include managing assets prudently, avoiding conflicts of interest, providing full transparency, and distributing assets according to the will or trust documents.

Recognizing the signs of a breach is the first step toward addressing it. Common red flags include:

• Lack of communication. There should be transparency throughout the process, so if the fiduciary refuses to share financial records, estate updates, or other relevant information, it is a red flag.
• Unexplained discrepancies. If you are looking over documents and notice missing funds, unaccounted-for expenses, or unusual asset transfers, it is important to find out why these discrepancies occurred.
• Conflict of interest. The fiduciary’s role is to perform their duties, not to have their own debts or assets in mind, so if it appears they have prioritized their own interests over those of the beneficiaries, talking to an attorney may be necessary.
• Neglect or delay. Prolonged inaction in settling the estate or trust or distributing assets complicates the process. Timely action is best.
• Fraudulent behavior. Evidence of forgery, theft, or other dishonest acts need to be explored and resolved.

If any of these indicators are present, it’s essential to act quickly to mitigate further harm. Anytime a fiduciary mismanages funds or assets, fails to follow the directives outlined in the estate documents, or engages in self-dealing, they need to be held accountable. Such breaches can significantly impact beneficiaries, causing financial losses, delays in estate administration, or even permanent harm to the estate’s assets.

Why You Should Hire an Attorney Immediately

Addressing a breach of fiduciary duty requires both legal expertise and decisive action. Estate litigation involves complex laws and procedures. As soon as you connect with a legal professional, they can identify whether a breach has occurred, evaluate its impact, and determine the best course of action.

When a fiduciary uses estate resources for personal gain, an attorney can assist with evidence collection, too. Your Pompano Beach estate litigation lawyer will gather and analyze financial records, communications, and other documentation to build a strong case. If you’re a beneficiary, your lawyer ensures your interests are safeguarded throughout the litigation process. Attorneys can also hold fiduciaries accountable through legal action, seeking remedies such as restitution, removal of the fiduciary, or monetary damages.

Who do you suspect is guilty of misconduct? Hiring the legal professionals at Mark R. Manceri, P.A. is an effective way to address the situation and secure a fair resolution. Schedule a confidential consultation today.