Get Experience on Your Side! Call Our Estate Planning Firm
Are you a beneficiary who has reason to believe that the trustee is not acting responsibly? Or, are you a trustee who is being accused of mismanaging a trust? At Flatiron Legal Advisors, LLC, we have in-depth knowledge of trusts and estates, and are familiar with all of the subtle nuances and legalities involved in managing a trust.
Whether you are a trustee or a beneficiary in need of legal representation, we have the knowledge, tools, and experience to protect your best interests. We understand both sides of the trust process, and regardless of which side you are on, having a Boulder estate planning lawyer by your side will be critical to achieving a satisfactory resolution in your dispute.
Our lead attorney, David Rich, is a member of the Colorado Bar Association, Trust & Estates Section, he has an Excellent client rating on Martindale-Hubbell®, and an Excellent rating on Avvo. For unrelenting, zealous legal advocacy, look no further than Attorney David Rich.
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A Trustee's Fiduciary Duty
A fiduciary duty is the legal duty to act solely in another party's best interests. Trustees have a fiduciary duty to act in the best interests of the beneficiaries and the estate. This means that trustees may not profit from their position, and they must avoid conflicts of interests between themselves and the beneficiaries. Unfortunately, there are scores of ways that a trustee may breach their duties.
Among the common breaches, include:
- Engaging in self-dealing (e.g. conflict of interest or reaping extra profits)
- Misappropriation of funds or trust property
- Neglect or imprudence (e.g. failure to properly diversify ERISA plan investments, or improper reliance on professionals)
- The failure to act in the beneficiary's best interests
- Omission as to a statement of fact
- Providing inaccurate information
- Failure to disclose
- Refusal to loan or extend credit
- Misuse of superior knowledge
Trustees are burdened with fiduciary obligations, and they can be held liable for any breach of their fiduciary duties. Generally, the "prudent person" standard is the traditional measure of trustee misconduct. If a trustee is found guilty, he or she may be held liable for harm done to the estate, and/or they may be removed from their position. In contrast, a wrongfully accused trustee may at the discretion of the court, recoup attorney's fees and associated expenses.
Seek Quality Legal Advice & Representation Today
To learn more about trust litigation and how we can help protect your rights, contact Flatiron Legal Advisors, LL, to schedule a free 20-minute consultation with a seasoned attorney.