Westland Breach Of Fiduciary Duty Lawyers
Guardians, conservators, personal representatives, trustees and agents under a power of attorney are all fiduciaries. A fiduciary is in a position of trust and is held to a high ethical standard. For guardians, conservators and agents, all decisions must be in the best interests of the principal or ward. Executors or personal representatives and trustees are all responsible for making objective decisions that are in the best interests of the heirs, beneficiaries and creditors. Fiduciaries can be individuals or institutions such as banks that are legally identified as fiduciaries in estate plans.
At Clos, Russell & Wirth, P.C., in Westland, we take a principled approach toward serving the needs of our clients in need of legal representation both acting as fiduciaries and in breach of fiduciary duty claims. We help fiduciaries, beneficiaries, heirs, wards and principals understand the duties and responsibilities of fiduciaries. We represent parties with claims of dishonesty and/or neglect concerning fiduciary actions, and we also represent fiduciaries who face such allegations in Michigan. The experience of our Westland breach of fiduciary duty attorneys is invaluable when pursuing or defending breach of fiduciary duty claims.
Fiduciaries Are Personally Responsible For Any Damages
Fiduciaries must always perform in the best interest of the principal. Self-dealing is not tolerated. If fiduciary performance, accounting or other actions are suspected to be improper, an action may be brought against the fiduciary in probate court by anyone who is concerned about misdeeds.
Executors, administrators and personal representatives of estates are expected to take all action necessary to maximize the estate. Executor duties include investing estate funds and keeping meticulous records of all accounting in regard to property and other assets for heirs and for the court. Personal funds may not be commingled with estate funds. The fiduciary must abide by the terms of a Will, or if there is no Will, they are bound by the laws regarding estate administration and intestate succession.
Attorneys in fact (those assigned power of attorney) are responsible for taking actions appropriate to the wishes of the principal in medical, financial or end-of-life matters.
Trustees manage and invest trust assets and make distributions in accordance with the terms of a trust. Trustees must also keep meticulous accounting records.
Guardians and conservators are given legal, medical and financial duties to act in the best interests of wards who are unable to make their own decisions or manage their own financial affairs because they are minors, mentally ill, disabled or incapacitated. Guardians and conservators are granted power and authority by the Probate Court and are required to report to the court on an annual basis.
If you are a fiduciary facing a breach of duty claim or anyone who is concerned about the integrity or honesty of a fiduciary, consultation with an experienced lawyer can help you understand your rights, legal protections and options.
Contact Our Westland And Livonia Estate Administration Attorneys
Put knowledgeable legal counsel on your side. Contact the Westland office of Clos, Russell & Wirth, P.C., to schedule a free initial consultation. We offer evening and weekend appointments based on the needs of our clients. We accept all major credit cards as payment for services.