Fiduciary Duties

Individuals as well as banks & trust companies, who act as executors, trustees, administrators, guardians and attorneys in fact pursuant to a power of attorney, are known as “fiduciaries”. Texas law imposes very specific duties on fiduciaries. Fiduciaries are held to a very high standard of care under the law. Once a fiduciary relationship has been established, the burden of proof shifts regarding certain key fiduciary duties so that the fiduciary must prove that his or her actions were appropriate and in the best interests of each beneficiary.

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We Enforce Them.

What specific duties does a fiduciary owe to the beneficiaries?

Among the duties owed are:

 

  • The duty to accurately account for relevant transactions;
  • A duty to put the beneficiaries interests ahead of that of the fiduciary;
  • A duty to accurately disclose relevant transactions related to the estate or trust to the beneficiaries;
  • The duty of loyalty;
  • The duty to not engage in any self-dealing with assets of the trust or estate;
  • The duty of impartiality among the beneficiaries;
  • The duty to make estate or trust assets productive as well as many other duties which are recognized under Texas law.

Forcefully – Strategically – Efficiently Resolving Probate, Trust, and Estate Disputes

What remedies are used to obtain relief when a fiduciary is believed to have breached his duties?

Our litigation team pursues a wide range of remedies against fiduciaries which include:

  • Statutory demands and lawsuits when necessary, to enforce a beneficiary’s right to receive a full and accurate accounting;
  • A lawsuit to recover fiduciary fees improperly paid;
  • A lawsuit for the removal of an executor, administrator, guardian or trustee as a result of wrongful actions;
  • A lawsuit seeking monetary damages and specific relief, including injunctive relief;
  • Our team also has extensive experience in vigorously defending executors and administrations from removal actions, preparing accountings in response to accounting demands as well as other a wide variety of other legal actions available to defend a fiduciary who has been unfairly accused.

Call us to arrange for a consultation to discuss your legal rights and how they can be protected.

FIDUCIARY DUTIES

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