Resuming 6 Important Facts about Breach of Fiduciary Duties (Pt. 1), this blog will continue revealing some crucial things to know about fiduciaries and their duties when it comes to probate/estate planning.

Breach of Fiduciary Duties: Here’s What Else You Should Know

Fact 3 – When a breach of fiduciary duties occurs, fiduciaries can be held personally liable.

When a breach of fiduciary duties occurs, fiduciaries can be held personally liable, our Pueblo probate attorneys note. Here’s how. Contact us for experienced help in probate or with any estate planning needs.

When a breach of fiduciary duties occurs, fiduciaries can be held personally liable, our Pueblo probate attorneys note. Here’s how. Contact us for experienced help in probate or with any estate planning needs.

This is extremely important for every fiduciary to be aware of, as making mistakes when serving as a fiduciary can cause people to incur personal liability. In other words, you can be sued – and you may even be charged with criminal offenses (like, for example, fraud or embezzlement) – for breaching your fiduciary duties.

So, for instance, if you misplace or imprudently invest the assets of an estate, you could be ordered by the court to repay the estate for the lost assets out of your own personal funds.

While the damages for breach of fiduciary duties will vary according to the nature of the breach (and the level of harm that breach caused), in general, these damages can include compensation damages, attorneys’ fees, etc.

Fact 4 – There are specific standards of proof for establishing that a breach of fiduciary duties has taken place.

In fact, if you believe that a fiduciary has breached his or her duties to you, first ask yourself the following questions:

  • Was there a fiduciary relationship that actually existed when the alleged misconduct occurred?
  • What was the scope of this relationship?
  • Did the misconduct fall within the scope of the relationship?

In other words, the following will typically have to be established in order to prove that a breach of fiduciary duties has occurred:

  1. A fiduciary relationship existed.
  2. The fiduciary breached his duties.
  3. The duties were owed to complaining party.
  4. The breach of the fiduciary duties harmed the complaining party.

Check out the last installment of this blog series for some more important facts about fiduciaries and how they can breach their duties. In the meantime, we encourage you to share your thoughts about this topic with us on Facebook and Google+.

Trinidad and Pueblo Probate Attorneys at Gradisar, Trechter, Ripperger & Roth

Do you need help probating or administering an estate? If so, the Trinidad and Pueblo probate attorneys at Gradisar, Trechter, Ripperger & Roth are ready to provide you with the highest quality legal services.

Experienced and respected, our Trinidad and Pueblo probate attorneys have been committed to helping our clients navigate the complexities of the legal system and to favorably resolving their important legal issues since 1972. With our trusted attorneys on your side, you can be confident that your case and legal matters will be brought to a successful resolution in the most efficient manner possible.

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To learn more about our superior legal services and how we can assist you, contact us by calling (719) 556- 8844 or by emailing us using the contact form on this page.

From our offices based in Pueblo, we represent clients in Trinidad, La Jara, Lamar, Walsenburg, Alamosa and throughout the state of Colorado.

Categories: Colorado Probate