Articles Tagged with fiduciary duty

underwood-what-acts-breach-fiduciary-duty-300x300Fiduciary duties are legal obligations that one party owes to another in relationships involving trust, care, and loyalty. California law places significant emphasis on upholding these duties when fiduciaries, such as attorneys, fail to act in their client’s best interests, often for personal gain or through negligence. Breaches of fiduciary duties carry serious legal and financial consequences like lawsuits and other remedies including monetary damages. When a fiduciary breaches their duties, the injured party may seek legal recourse to remedy the harm caused. 

What is a Fiduciary Duty? 

Fiduciary duties are legal obligations requiring one party to act in the best interests of another, with the utmost good faith, loyalty, and care. Fiduciary duties arise in relationships entrusting one party with responsibilities that involve trust, reliance, and confidence. A “fiduciary” owes the “beneficiary” the fiduciary duties. 

underwood-judgments-name-fiduciary-300x300Yes. Judgments should properly name the fiduciary in their representative capacity when the fiduciary is involved in legal proceedings on behalf of a trust, estate, or other entity. Fiduciaries, such as trustees or executors hold a position of legal responsibility to manage and protect the interests of the beneficiaries or estate that they represent. Ensuring that fiduciaries are properly named and identified in their representative capacity clarifies their role in the proceeding and helps eliminate confusion about personal and official liability. Overall, properly naming fiduciaries in their representative capacity safeguards the fiduciary and the trust or estate they manage by providing clear understanding of the fiduciary’s duties and limitations.  

What is a Fiduciary? 

A fiduciary is an individual who assumes a position of legal responsibility to act in their client’s best interests. This role includes serving their client as a personal representative, guardian, trustee, conservator, attorney-in-fact, or custodian under the California Uniform Transfers to Minors Act. (Prob. Code, § 39.) The fiduciary relationship begins when the individual starts acting on behalf of the client for the client’s benefit. 

underwood-fiduciary-duty-300x300A fiduciary duty is a special kind of professional relationship that forms between an individual or entity and their client. California recognizes many types of fiduciary relationships; each carrying its own duties and expectations. Understanding how fiduciary relationships function, under what circumstances they are established, and how they can be violated will help you better protect yourself when navigating these professional relationships. 

What is a Fiduciary?

A fiduciary is an individual who holds a special position of legal responsibility to their client, as a personal representative, guardian, trustee, conservator, attorney-in-fact, or custodian under the California Uniform Transfer to Minors Act, or any other applicable legal representative. (Prob. Code., § 39.) Fiduciary relationships commence when the fiduciary begins acting on behalf of their client for the client’s benefit.  

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