After a loved one has died, emotions are heightened. Family conflict may be at an all-time high, and disputes can quickly arise during this challenging time, oftentimes involving allegations against a fiduciary entrusted to manage an estate’s assets.
If you are a fiduciary involved in a dispute related to a will, trust, or estate, the potential consequences are high. Your personal assets could be in jeopardy. An experienced Galveston fiduciary litigation lawyer from The Law Firm of Alton C. Todd Personal Injury Lawyers in Galveston, Texas, can represent you and protect you from unfounded allegations. Contact us today at (409) 207-9299 for a confidential consultation to discuss your case.
How Can The Law Firm of Alton C. Todd Personal Injury Lawyers Help With Your Fiduciary Litigation Case in Galveston, TX?
Being a fiduciary can be difficult. It involves financial responsibilities, often coupled with unique family dynamics and interpersonal conflict, making it difficult to manage an estate. When litigation is involved, it’s essential that you work with an experienced lawyer who can properly advise you of your rights and obligations.
The Law Firm of Alton C. Todd Personal Injury Lawyers is a premier legal firm that has been recognized as:
- Nine-time Top 100 Texas Super Lawyers
- Members of the Multi-Million Dollar Advocates Forum
- Members of the Million Dollar Advocates Forum
- Best Lawyers
- National Trial Lawyers
- AV-Peer Review Rated from LexisNexis & Martindale-Hubbell
We are members of the Texas Association of Civil Trial & Appellate Specialists and double board-certified by the Texas Board of Legal Specialization. We are also members of the International Academy of Trial Lawyers, the American College of Trial Lawyers, and the National Board of Trial Advocates. You can trust our litigation experience and our more than 58 years of combined legal experience during this critical time. Contact our Galveston fiduciary litigation attorneys today to learn how we can guide you through the legal process of fiduciary litigation.
What Is a Fiduciary?
Fiduciaries are individuals or organizations that act on behalf of others. They are required to put their clients’ interests ahead of their own. They are legally and ethically bound to act in the other’s best interests.
Types of Fiduciaries
There are many types of fiduciaries. However, in wills, trusts, and estates, fiduciaries are typically executors, personal representatives, and trustees.
Fiduciary Duties
The document that created this special relationship may outline a fiduciary’s duties. These duties may also be included in relevant laws.
Generally, Texas executors have the following responsibilities:
- Notify beneficiaries and creditors of the death
- Settle debts owed by the deceased out of estate funds
- Pay all necessary taxes
- Prepare legal filings
- Protect estate assets
- Identify all assets owned by the estate
- Keep detailed records of all transactions related to their role as executor
- Distribute remaining assets to the heirs or beneficiaries
Trustees may have specific and elaborate duties, such as:
- Keeping clear and accurate accounts of the trust estate
- Furnishing information about the trust to beneficiaries at reasonable times and upon request
- Taking steps to secure and maintain control over trust property
- Preserving trust property
- Diversifying investments of trust corpus
- Dealing impartially with beneficiaries
The trust document may identify additional responsibilities the trustee must honor.
Common Disputes Involving Fiduciaries
The most common type of dispute involving fiduciaries involves an allegation that the fiduciary has breached their fiduciary duty.
Examples of breach of fiduciary duty may include:
- Comingling estate and personal assets
- Not following the directions of the will or trust
- Not responding to beneficiary requests to see information or examine estate property
- Failing to diversify investments
- Selling assets for less than fair market value
- Not meeting deadlines
- Failing to safeguard trust property
A breach of fiduciary duty can result in significant consequences if the allegations are determined to be founded.
What Are the Consequences of Breach of Fiduciary Duty?
Texas law provides for many potential consequences if a trustee is found to have breached their trust, including providing compensation for:
- Any loss or depreciation in the trust’s value due to the breach of trust
- Any profit the trustee made through the breach of trust
- Any profit that would have accrued to the trust if the trust was not breached
Beneficiaries can also sue to remove the trustee from their role.
Contact Us Today for a Confidential Consultation
Have you been accused of breaching your fiduciary duty or has a conflict arisen regarding your fiduciary role? If so, a Galveston fiduciary litigation lawyer from The Law Firm of Alton C. Todd Personal Injury Lawyers can provide legal representation. We handle breach of fiduciary cases, disputes involving trustees, executors, and other fiduciaries, and litigation in conflicts related to trusts and estates. Call for a confidential consultation.
