There’s no doubt that losing a parent is hard. As you try to cope with the emotional realities of losing a close loved one, you also have to deal with the financial implications of their passing. Oftentimes, this takes the shape of estate and trust administration.
On their face, these can seem like relatively easy matters. After all, there may be other individuals in place to take care of them on your loved one’s behalf. However, far too often issues arise with trustees and estate administrators, which is why it’s important that you know how to spot signs that the fiduciary duty has been breached so that you can either find accountability or, if you’re serving in those roles, avoid allegations of wrongdoing.
Red flags of breach of the fiduciary duty
A fiduciary is an individual who is under a duty to put the interests of another individual ahead of his or her own. Therefore, as an example, a trustee must make financial decisions that support and further the interests of the beneficiary. That doesn’t always happen. Here are some red flags that can lead to an allegation of breach of the fiduciary duty:
- Poor record-keeping
- An inability to provide invoices and receipts upon request
- Missing assets
- Evidence that estate assets have been commingled with the fiduciary’s assess
- Favoritism toward certain beneficiaries or creditors
- The fiduciary has shown a conflict of interest
Keep in mind that these are just a few indications that the fiduciary duty may have been breached. If you have suspicions that a fiduciary is engaged in any of these behaviors, then you’ll want to investigate the matter further.
Have a strong legal advocate on your side
We know that dealing with legal issues related to probate can be confusing and frustrating, especially when you don’t have a clear understanding of the law and you just want a fair outcome. That’s why law firms like ours are here to help. If you’d like to learn more about what we can do to help in these matters, then please continue to browse our website.