Fiduciary duty is the legal obligation to act in the interest of another.
A person who has a fiduciary duty is called a fiduciary, and hired as a trustee by an individual or a company. The law prohibits the trustee from acting in any way detrimental to the interests of the client, who is entitled to the best efforts of the trustee, while the trustee must exercise all due care and diligence when acting on behalf of the client.
This is why you should take your fiduciary duty seriously!
What is a Fiduciary Duty?
If you’re a fiduciary, you’re expected to act in a certain way that is in the client’s best interests.
Trustee means trust, an individual entrusted with care over another person’s money or property, and such a person has a legal obligation to sustain that trust. And the principal is an individual to whom the trustee owes a duty and loyalty.
A trustee’s fiduciary duty includes complete loyalty, due diligence, transparency of any conflict of interest, reasonable care, and confidentiality, among other things.
Some good examples include a trustee’s duty to carefully manage the client’s assets, a lawyer’s duty to act in their client’s best interests, a director’s duty to take care of the investors’ assets, a doctor’s obligation towards their patients, etc.
Why You Should Take Your Fiduciary Duty Seriously
Breach of fiduciary duty is when a fiduciary fails to fulfill their responsibilities and obligations. In most cases, a third party will handle the breach of trust claim to ensure it is handled correctly. The trustee may also be removed from the position and ordered to pay penalties or other forms of compensation to the principal.
You must take your fiduciary duty seriously because even if you claim that you were unaware of your responsibilities, you will still be charged with a breach of fiduciary duty if you fail to meet your obligations.
Speak to an Experienced Brooklyn Estate Lawyer for a Fiduciary Duty Lawsuit!
A fiduciary duty lawsuit can be stressful and complicated and, therefore, requires an expert’s assistance to help you go through the process smoothly. If you’re looking for an experienced Queens or Brooklyn Estate lawyer for your lawsuit in New York City, contact Ledwidge& Associates, the best Real Property Law firm Brooklyn.
The attorneys at Ledwidge& Associates have experience in handling fiduciary duty cases and have helped many clients in Queens, Brooklyn, Manhattan, and throughout New York City.
Call +1 718-276-6656 or visit their website for a consultation with an experienced Queens Estate lawyer.
Ledwidge & Associates
