11/5/2023 0 Comments Define breach of trust floridaAsk yourself: did the breach by the fiduciary actually cause harm? There needs to be a connection. A circumstance where the fiduciary did not live up to the correct standards. It can be assumed in the law or by one’s conduct or even oral statements. Or, in some cases, you don’t need a writing. This can be in writing, such as a trust or with probate documents, or a power of attorney document. First, there was a fiduciary relationship. Can you sue lawyers for this ? To consider a Septem4th District Court of Appeal (Florida) opinion, click here.) Explaining Florida Breach of Fiduciary DutyĪ breach of fiduciary duty lawsuit must demonstrate four elements or things. In fact, Personal Representatives and Trustees have a duty to sue a prior fiduciary if they discover wrongs. But successor fiduciaries can also bring a claim against a prior fiduciary if they discover wrongs. Some describe it as a lawsuit that an injured or damaged beneficiary may bring against a fiduciary. ![]() But, there’s more ! Now that we have the background, let’s spell it out and answer: what is Florida breach of fiduciary duty? Successor Fiduciariesīreach of fiduciary duty is a cause of action. Break or breach one of those, and that can be the start of a breach of fiduciary duty claim. ![]() The trustee owes a number of duties to trust beneficiaries. The Florida Trust Code in Chapter 736 of the Florida Statutes tells us all about a trustee’s job. Just like a Florida Personal Representative. To read about the duties and powers of a Florida Personal Representative, CLICK HERE. In some states, a Personal Representative is called an “executor.” Personal Representatives owe estate beneficiaries the duties of a Florida Trustee. Personal Representatives are those who run, or administer, a Florida estate or probate. The Florida Probate Code tells us all about how Personal Representatives are supposed to act. And subject to damages and attorneys fees. If a fiduciary’s conduct falls below the appropriate standard, that’s a breach. But civil theft is not necessary for a fiduciary to be surcharged or found to have breached her fiduciary duty. If a personal representative or trustee acts badly or steals money or takes secret fees, they can be SURCHARGED. There are certain “ rules of the game.” Standards. Even though the Power of Attorney Law uses the word “agent”, a POA is a fiduciary. A Power of Attorney, also called an attorney-in-fact, is also a fiduciary. Fiduciaries, most of the time, are entitled to reasonable compensation. Even if you are nominated or named in a will or trust. I say “volunteer” because no one can be forced to serve others or be a fiduciary. ![]() ![]() Fiduciaries are those who volunteer to perform certain tasks for others. Trustees and personal representatives are fiduciaries. First, a trustee owes DUTIES to her beneficiaries. Florida Breach of Fiduciary Duty What is a Fiduciary?īefore we define Florida Breach of Fiduciary Duty, let’s make sure you have the background. And from a standpoint that other Florida Legal Blogs may not take. Now, let’s lay it all out there in plain English. We have also written about this topic of FIDUCIARY DUTY before. We have previously written about excessive compensation and removing or suspending a trustee. And a whole lot of trouble to a bad trustee or personal representative or POA. It can bring damages to beneficiaries or an estate or a trust. A Florida breach of fiduciary duty is serious stuff.
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