Toledo Breach of Fiduciary Duty Attorneys

A fiduciary is a person who has control of another person's assets and has an obligation to fairly deal with the beneficiaries of said assets. A fiduciary is held to a very high standard.

Power of Attorney Lawsuits

A person holding a power of attorney has a fiduciary duty to the person who signed the power of attorney. He has a duty to act in the owner's best interests. Powers of attorney give rise to more probate litigation than any other probate document. For example, in this area, it is common that the person holding the power of attorney uses the funds for his own benefit and not for the benefit of the owner.

Lawsuits against an Executor or Trustee

Similarly, an executor has a duty to handle the funds of the decedent in the estate administration and act in the best interest of the estate and for the ultimate benefit of the estate's beneficiaries. He is required to file an inventory listing estate assets and he is also required to file an accounting showing how he is investing funds, paying bills and making ultimate distributions.

A trustee is also a fiduciary whose obligation is to follow the terms of the trust for the benefit of the trust beneficiaries. During the lifetime of the owner, the trustee's obligation is to provide for him, and after the owner dies, his obligation is to the beneficiaries of the trust.

It is apparently tempting for these fiduciaries to act in their own personal interest, as opposed to acting in the best interests of all of the beneficiaries, and it is at that point that litigation arises for breach of fiduciary duty.

Contact Kolb & Zigray if you are involved in a breach of fiduciary duty case.