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Several causes of action may be pled in conjunction with a claim for breach of fiduciary duty, depending on the facts and circumstances surrounding the case. Attorneys should consider the following claims when filing a breach of fiduciary duty cause of action and determine which, if any, also apply to their clients:…
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Breach of Fiduciary Duty: A fiduciary is an individual or corporation to whom property or power is entrusted for the benefit of another. Fiduciaries must prudently care for any such assets, and may also have a number of additional duties, depending on the nature of their fiduciary relationship. …
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At common law, trustees had a fiduciary duty not to delegate tasks they can perform themselves. However, our current financial system’s increasing complexity makes it unreasonable for many trustees to manage trust assets on their own. The opportunities for investments are endless, and the sophistication of even basic financial instruments has increased since the creation…
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In Part 2 of this series, we examined trustees’ duties of loyalty and impartiality. This post will examine the duty to administer trusts prudently and Part 4 will discuss the duty to delegate – or not delegate – in more depth. The duty to administer trusts involves the basic values…
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As we’ve mentioned in part 1 of this series, trustees are fiduciaries and, as such, trustees owe a variety of fiduciary duties to multiple parties. These obligations include both the duty of loyalty and duty of impartiality, which we will discuss this week. To prove a trustee breached of one…
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This is the first of a four-part series examining trustee’s fiduciary duties and the circumstances that could result in litigation. To begin, we will discuss basic principles that will lay a groundwork to inform our larger discussion. What is a Trust and a Trustee?[1] …
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Whether you are a home owner in the midst of a kitchen renovation, a business owner considering an office expansion, or otherwise involved in a construction project, it is important to understand who gets paid and when. By doing so, you may avoid a construction lien being placed on your…
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It’s a tale as old as time: newlyweds visit an open house. They fall in love with the ancient ivied walls and quaint secret passageways, only to learn that a gruesome murder took place in the house years before and now the halls are haunted by a poltergeist that won’t…
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Domicile is a relatively straight forward legal concept that combines the place where a person permanently resides with where he intends to remain. However, what happens when a person who has been adjudicated incompetent desires to permanently move. Can he possess the requisite intent to change his domicile in…
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The statute of frauds is a legal principal that requires certain contracts to be in writing in order to enforce them. It is traditionally reserved for contracts involving important or expensive subject matter, such as the sale of land, contracts for marriage, or the sale of goods totaling more than $500. In these instances,…
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