As you cope with the loss of a loved one, the last thing you need is a complicated estate settlement. Unfortunately, disputes over rightful inheritance due to breaches of fiduciary duty are common in Los Angeles probate litigation. In these situations, having a skilled lawyer by your side is invaluable.
When a loved one dies, appointing a trusted individual to settle their estate is essential. This person assumes a fiduciary role, a position of trust bound by law to act in the best interests of the beneficiaries or heirs. A fiduciary can be the executor named in a will or an administrator appointed by the court when there is no will.
A fiduciary’s duty involves the legal obligation to act with the utmost care and loyalty on behalf of another party. In probate, this role is responsible for several critical tasks in estate settlement. This includes inventorying and appraising the assets, paying off debts, and ensuring the proper distribution of the estate.
Fiduciaries are held to the “prudent person standard,” which sets a legal benchmark for their actions. This requires fiduciaries to exercise the same level of care and judgment as a reasonable person when managing their affairs.
However, when fiduciaries neglect their responsibilities, it can lead to significant problems affecting the estate and its beneficiaries. Such negligence often results in disputes and probate litigation. Recognizing and understanding the different forms of fiduciary neglect is essential for addressing issues before they escalate.
Executors or administrators are expected to manage an estate with integrity and diligence. However, not all fiduciaries live up to this standard. In California, several types of fiduciary duty violations commonly arise.
Self-dealing occurs when a fiduciary uses estate assets for personal gain. For instance, an executor might sell estate property to a close associate or themselves at below-market value. Such behaviors breach their duty to act solely for the estate’s and its beneficiaries’ welfare.
Conflicts of interest arise when a fiduciary’s priorities clash with their duties. For example, an executor might have a business relationship with a potential buyer of estate assets. They might make decisions influenced by that relationship, which would be unfair to the other beneficiaries or heirs.
Mismanagement can take many forms, like failing to maintain property, making poor investment decisions, or neglecting to collect obligations owed to the estate. Such actions can diminish the estate’s value and leave beneficiaries with less than they deserve.
Fiduciaries must keep accurate records of all transactions related to the estate and provide regular accountings of its finances. Providing clear and detailed accounts can hide mismanagement or fraud, leading to mistrust and potential litigation.
Sometimes, fiduciaries distribute assets before settling the estate’s debts or without following the terms of the will or intestacy laws. This premature or improper distribution can lead to serious legal complications and beneficiary disputes.
If you suspect fiduciary misconduct, seek legal counsel immediately. Los Angeles Probate Attorneys have extensive experience dealing with fiduciary breaches and can provide invaluable assistance to beneficiaries.
We are adept at investigating claims of misconduct. Whether scrutinizing through financial records or interviewing witnesses, our dedicated team is skilled at gathering evidence to support a case. We understand the intricacies of probate law, allowing us to effectively assess damages and pursue appropriate remedies.
Whether you’re seeking proper asset distribution or holding a fiduciary accountable, we have the skills to make it happen. We guide you through the litigation process to ensure your inheritance is safeguarded at every step.
Fiduciaries are responsible for managing and distributing a decedent’s estate. When they fail their duties, the repercussions can range from personal liability to criminal charges. In such situations, Los Angeles probate litigation becomes necessary to recover misappropriated assets, protect beneficiaries’ rights, and restore trust in the system.
Partnering with Los Angeles Probate Attorneys can help you safeguard your rightful share of the estate. We are committed to holding negligent fiduciaries accountable and achieving a fair resolution for your loved one’s assets.
Los Angeles Probate Attorneys
445 S Figueroa St, Suite 3100
Los Angeles, CA 90071
(424) 402-1228
