A fiduciary duty is the highest standard of care an individual can have on behalf of another. It is such a high standard that those acting in a fiduciary capacity are held personally liable for breaches. Fiduciaries have a lot of power over other people’s property and estate, but if you suspect someone of breaching their fiduciary duty, you have options.
At Saavedra-Goodwin, our attorneys are skilled and invested in providing our clients across Fort Lauderdale with legal insight and advocacy. Our group is adept at both litigation and alternative dispute resolution, and they leverage a broad base of conflict resolution skills to take on concerns about fiduciaries abusing their position.
What Does Fiduciary Wrongdoing Look Like?
In many cases, fiduciary duty comes with significant rights, such as the right to compensation. And because a fiduciary is acting in the best interests of another, they may make choices that some find odd. However, fiduciaries must act “in good faith,” meaning they make the best choices.
All that is a given, there are many ways that a fiduciary can abuse their position, and they include:
- Suspicious compensation: Fiduciaries, such as trustees or personal representatives, can take a fee for their work on a trust or an estate. Those fees must be reasonable and in line with their work.
- Outright theft: With so much power, it’s easy for fiduciaries to redirect funds into their accounts or for their personal use.
- Mismanagement: Even if a fiduciary is acting in good faith, they could have poor judgment, and the trust or estate could face severe losses.
If you have concerns that the estate or trust you are a beneficiary of is suffering from fiduciary wrongdoing, you have the right to demand an accounting of their actions. However, dense financial documentation can be difficult to parse on your own.
Saavedra-Goodwin’s Team Can Help You
In addition to having experience in all areas of business and estate planning law, we also maintain a network of skilled, certified public accountants. We collaborate with our partners and you in analyzing complex financial situations ahead of you. We can detect issues of fiduciary malfeasance and help you take the steps you need to address them.