Скачать с ютуб How Serious Is a Breach of Fiduciary Duty? | RMO Lawyers в хорошем качестве

How Serious Is a Breach of Fiduciary Duty? | RMO Lawyers

A fiduciary duty is one of the most demanding obligations that exists under the law. It requires a person in a position of trust and confidence, such as a trustee, executor, administrator, or personal representative to act with utmost good faith and loyalty towards the beneficiaries of the trust or probate estate they are administering. A fiduciary must always put their beneficiary’s interests first and foremost before anything else, including themselves. Trustees and executors can breach their fiduciary duty through fraud, conflicts of interest, self-dealing, or failure to disclose relevant facts related to the administration of a trust or probate estate. FULL ARTICLE: https://rmolawyers.com/how-serious-is... Because of the fiduciary duty owed by trustees and executors, they are legally obligated to: Place all beneficiaries’ interests above their own. Always act in good faith. Treat all beneficiaries fairly with honor and care. Act honestly, fairly, and reasonably. Remain transparent about all relevant, material information. If a fiduciary fails to comply with these responsibilities, they may have breached their fiduciary duty. In the case of an executor or trustee, a breach of fiduciary duty may result in their suspension, removal and/or a surcharge – a court order requiring them to pay money damages for the harm caused by the breach. In the rarest of cases, fiduciaries can face criminal charges. What is the penalty for breach of fiduciary duty? The most frequent penalties for breach of fiduciary duty include suspension or removal as trustee or executor and the payment of money damages, attorney fees, and court costs. When it comes to money damages, fiduciaries who violate their duties may be ordered to pay compensatory damages, punitive damages, or double or treble damage. Compensatory damages are intended to make the injured beneficiary “whole” again after the breach. In other words, this type of damages reimburses the trust, estate or beneficiary for the money they lost as a direct consequence of the fiduciary’s breach of duty. On the other hand, punitive damages serve to punish the fiduciary for their wrong actions by requiring them to pay an additional amount of money on top of the compensatory damages. In some situations, double and treble damages may be available as statutory remedies that double or triple the amount of compensatory damages the fiduciary must pay under certain laws. In addition to damages, the fiduciary may be required to reimburse the beneficiary for the fees and costs incurred due to the legal action the breach forced them to take. This includes attorney fees, expert witness fees, filing fees, and court costs. Have questions? At RMO, we protect people like you everyday. Learn more at: https://rmolawyers.com/services/proba... Call (424) 320-9444 or email [email protected] Connect With RMO Lawyers:   / rmo-rahn-muntz-o'grady-llp     / rmolawyers     / probateandtrustlitigators   About RMO Lawyers: RMO LLP serves clients in Los Angeles, Santa Monica, Orange County, San Diego, Kansas City, Miami, and communities throughout California, Florida, Missouri and Kansas. Our founder, Scott E. Rahn has been named “Top 100 – Trust and Estate Litigation” by SuperLawyers, Trusts and Estates Litigator of the Year, and Best Lawyers in America for Litigation