fiduciary duty
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] …
Read More
Your aging parents just appointed you as their attorney-in-fact– now what? It is important to keep in mind a few simple rules to stay within the bounds of the law. Rule #1: Act in the principal’s best interests. The principal is the person…
Read More
It is not uncommon for courts to name one’s spouse as their guardian, but what happens when the incompetent party wants to get divorced from his wife and guardian? Can one be incompetent, yet understand the consequences of and express a desire to get divorced? …
Read More
What is fiduciary litigation? Fiduciary litigation encompasses a wide range of legal actions including, without limitation, trust and estate litigation, will contests (also referred to as caveat proceedings), breach of individual and corporate fiduciary duty claims, and guardianship proceedings. Fiduciary litigation is becoming increasingly relevant as the baby boomer generation continues to age. …
Read More
Recent decisions by the North Carolina Court of Appeals and North Carolina Business Court (NCBC) shed light on a previously unsettled question of law: when can a North Carolina trial court award attorney’s fees as part of a class-action settlement in the absence of additional statutory authority? …
Read More
The North Carolina Business Court recently issued an opinion in which it suggested a willingness to adopt a position that “controlling” minority shareholders owe a fiduciary duty to their fellow minority shareholders.[1] The case arose out of a transaction between Reynolds American, Inc. (“Reynolds…
Read More
It is prudent to execute a healthcare and/or financial power of attorney well in advance of necessity to ensure your individual wishes are honored in the event you are unable to attend to your own needs. However, competency is required to execute a power of attorney. If you become incompetent and…
Read More
On August 4, 2015, the North Carolina Court of Appeals issued a ruling clarifying that when a grantor seeks to create a statutory payable on death (“POD”) account, but fails to satisfy the statutory provisions, he/she can still rely on the existence of a common law tentative…
Read More
On July 21, 2015, the North Carolina Court of Appeals issued a ruling emphasizing the importance of executing cohesive estate documents and appointing a trusted fiduciary to execute the testator’s wishes.[1] Dwight Jordan died testate with four children, and his will instructed the estate to be…
Read More
While many people recognize the term “power of attorney,” most do not know how to create a valid power of attorney or choose between the various considerations. It is important to prepare safeguards to protect current and future assets long before one faces severe illness or incapacity. A power of…
Read More- « Previous
- 1
- 2
- 3
- Next »