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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