Trust Gets $25 Million In Debt – Is That Trustee Breaching Their Fiduciary Duties?

Florida probate lawyers deal everyday with what are called fiduciary duties. What fiduciary duties does a Florida trustee owe to the beneficiaries of a trust? Check out this recent case out of the Court of Appeals in North Carolina to learn more.

Fiduciary Duties in Florida

• Probate attorneys Florida know that trustees owe a fiduciary duty to the beneficiaries of a trust.
• What is a trust?
• Florida trust lawyers create trusts that produce a fiduciary relationship between the trustee that holds legal title to property and the beneficiaries that have what is known asequitable title.
• What is equitable title in Florida trust law?
• Estate attorneys Florida know that equitable title is what we call the benefits of ownership.
• When a trustee holds legal title he has a fiduciary duty to protect the equitable owners benefits from that property.
• What other duties do Florida trustees owe?
• Florida will contest lawyers know that part of a trustee’s duty is to account and manage assets.
• Is mismanagement a breach of fiduciary duty?
• That depends on the level of mismanagement.
• Check out this recent case out of the North Carolina Court of Appeals.
• Does this sound like a breach of fiduciary duty to you?

Barney Family Trust v. Driggers

 

• This was a trust dispute that made its way all the way to the Supreme Court of that State.
• What was the case all about?
• A family trust had been created with the goal of protecting the family wealth.
• Various trustees had mismanaged the trust to the point where it owed over $25 million dollars!
• Does that sound like mismanagement to you?
• Florida estate attorneys know that there are serious questions concerning whether or not this was a breach of fiduciary duty. 
• How can you be sure?
• Talk to an estate litigation attorney in Florida before you make any serious decisions moving forward. 
• Who is going to pay for all the legal fees in a case like this if the trust is bankrupt?

 

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