Contested Accounting & Breach of Fiduciary Duty
Estate Litigation Attorney in New York
When a loved one passes away and leaves an estate plan designating an executor, administrator, or trustee, it can often make matters much simpler. However, this also leaves room for those designated individuals to overstep their powers and violate the wishes of the individual who left the estate plan behind. When this occurs, it can be considered a breach of fiduciary duty.
An executor or administrator is usually required to keep an account of all assets received, income, investment gains or losses, estate expenses, and distributions made. This accounting should be made available to any beneficiary when requested. If a beneficiary believes the accounting is incorrect or that the losses indicated are due to the administrator's mismanagement of expenses, they may take action against them. The individual can be charged for any losses involved and may be required to pay back the estate.
Our New York estate litigation attorney can help you determine if accounting issues or breach of fiduciary duty is involved in your case at all.
What is a breach of fiduciary duty?
When a person is given administrative duties over a trust, estate,
will, or other type of estate planning document, they are considered a fiduciary. This means that they hold a special relationship of trust and responsibility. They are not allowed to do as they wish with the estate, but must follow the deceased's direction. The fiduciary is responsible for collecting, distributing, and managing any assets or property as directed by the individual's estate.
A breach of fiduciary duty may look like the following:
- Removing property or assets from an estate without obtaining approval
- Transferring assets to their name during the administration process
- Failure to handle assets appropriately or with discretion (loss of income or investment)
- Dragging out the administration process unnecessarily
- Failing to inform any beneficiaries of important information or updates
- Not following the instructions given in a will or trust
A fiduciary can be accused of fraud or negligence when financial loss occurs. The court may need to step in to impose a judgment. If you believe a fiduciary acted incorrectly, you can contact our experienced legal team for counsel. Novick & Associates, PC has more than 30 years of experience and know how to handle complex
estate litigation matters.
Contact a New York estate litigation attorney today!
While we are focused on resolving estate matters in a peaceful and amicable way, we understand that these solutions cannot always be reached. When this is the case, our legal team is more than prepared to step in and litigate fiercely on your behalf.
Contact a New York estate litigation lawyer
from Novick & Associates, PC immediately if you suspect that there has been a breach of fiduciary duty in any estate matter.