Appreciating the Nature of Fiduciary Litigation

It can be challenging to decide when to retain the assistance of a lawyer when navigating estate planning issues. The following are some important details about the fiduciary litigation process. If you have questions about fiduciaries or estate planning, reach out to an experienced attorney today.  The Role of Fiduciaries A fiduciary refers to an individual or entity in whom another person places trust to act in their best interest. A fiduciary is a person tasked with caring for the financial assets of another person. Some of the primary types of fiduciary relationships include relationships created by statutes like estate administration, relationships that are formed as the result of contracts, and relationships arising from underlying circumstances between parties, and the nature of the transaction at issue.  Some of the most common types of fiduciaries include trustees, personal representatives, and court-appointed guardians. Fiduciaries can owe different duties based on the nature of the fiduciary relationship including a duty of good faith, a duty of impartiality, a duty of loyalty, and a duty to maintain adequate records. Common Fiduciary Roles in Estate Planning Some of the most common types of fiduciary roles in estate planning include: Agents. An agent under a durable [...]