Breach of Fiduciary Duty Lawyers in Longmont
A fiduciary is responsible for managing the assets for the benefit of another.
A trustee, personal representative, executor,
power of attorney, guardian, and conservator are all fiduciaries and can be held responsible
for improper actions.
In order to protect the interests of the beneficiaries, the fiduciary must
comply with certain duties including:
- Duty of loyalty to not seek any advantage from a beneficiary
- Duty to avoid conflicts of interests
- Duty of impartiality
- Duty of disclosure
- Duty to keep trust property separate from own property
- Duty to inform and account to beneficiaries
- Duty of prudence and care
For high-quality legal representation, call (720) 809-8310 as soon as possible.
When Breach of Fiduciary Occurs
If a fiduciary has breached one of these duties, there are several avenues
of a relief a beneficiary can choose from. The beneficiary may compel
the fiduciary to compensate for the breach; appoint a temporary fiduciary;
remove the fiduciary; set aside acts of the fiduciary; account of profits;
reduce/deny compensation of the fiduciary; or impose a constructive trust
on the property.
If the fiduciary's breach causes a loss, the beneficiary may seek compensatory
damages against the fiduciary. Under Colorado Revised Statute § 15-10-501,
the courts have substantial power in supervising and ensuring that the
fiduciary is properly managing the beneficiary's assets. For example,
the courts can request a review of the fiduciary's activities if the
court is notified that the fiduciary may be acting against the interests
of the beneficiaries. Our
Longmont probate attorneys can assist you in determining whether a fiduciary has breached their duty
and advise you of the relief you deserve.
Need to Demand a Financial Accounting?
A beneficiary may request financial information concerning their assets
which are being managed by a fiduciary, including an account of the assets.
A fiduciary may include a power of attorney, trustee, executor, personal
representative, guardian, conservator or anyone who is handling the finances
An accounting must contain:
- A statement of assets and liabilities
- A statement of receipts and disbursement of principal and income
- Information concerning the compensation of the fiduciary, it agents
- Other pertinent financial information regarding the assets
The beneficiary has the right to file a petition with the court to compel
an accounting if the fiduciary failed to submit an account after a written
request or no account has been made within six (6) months preceding the
written request. Our Longmont probate attorneys can assist you in requesting
an accounting or compelling a fiduciary to report an accounting.
Please contact us
to learn more about how we can assist you.