There are a multitude of legal actions included within the fiduciary litigation. These include without limitation, estate and trust litigation, breach of corporate and individual fiduciary duty claims, will contests and proceedings on guardianship. The fiduciary litigation is becoming even more relevant today as the generation of baby boomers is ageing gradually.
What is a fiduciary?
Fiduciary can be an individual or any corporation whom one can trust and is confident that they can act in their best interest. In other words, a fiduciary is tasked to take care of all the financial assets of somebody else.
What are the types of fiduciary relationships?
Some of the common types of fiduciary relationships include:
- There are relationships that are created by statute. These are common in estate administrations, guardianship or incompetency proceedings.
- There are relationships that are created by contract like an attorney and a client.
- There are relationships which arise from certain underlying circumstances between the parties and the nature of the transaction at issue. Here one party shows trust and confidence in another and the other party already knows about.
Who is considered as a fiduciary?
Trustees, attorneys-in-fact, personal representatives, lawyers, court appointed guardians or accountants can be considered as fiduciary under the court of law.
What type of duties do fiduciaries undertake?
There are a varied range of duties that can be owed by a fiduciary and this completely depends on the nature of fiduciary relationship. However, the common duties of a fiduciary include, duty of fair dealing and good faith, a duty of impartiality, a duty of loyalty, a duty to inform, a duty to delegate, a duty to maintain adequate records and others.
What are the elements of a breach of fiduciary duty?
To prove there is a breach in a fiduciary duty, one must show the following things: the existence of a fiduciary relationship in the matter, the duty was breached by the fiduciary, the damages that occurred were caused by the breach of the fiduciary duty. The fiduciary will be considered with a breach of duty if the above three things will be proved right in the court of law.
By working closely with Litvack Dessureault avocat fiduciaire, it will be easier for you to handle all the fiduciary related laws and responsibilities. Their guidance will help you prevent any kind of breach since they are experts in the field.