Fiduciaries owe beneficiaries a duty of loyalty and trust. Part of fulfilling that duty requires fiduciaries to provide beneficiaries with information regarding the administration of the trust or estate. For example, trustees are required to furnish to the beneficiaries an annual report reflecting the trust’s financial activity, such as profits, expenses, and any losses from investment. The failure to provide this information may constitute a breach of fiduciary duty.
Fiduciaries are held to a strict standard and must take precautions not to engage in any unauthorized activity, such as:
- Failing to invest or imprudently investing trust or estate assets
- Failing to provide comprehensive, accurate, and timely reports and/or accountings to beneficiaries
- Failing to make timely distributions, and/or failing to notify creditors of a probate proceeding may constitute a breach of fiduciary duty for which a surcharge may be assessed.
Catalyst helps guide fiduciaries through the legal process to protect their rights and exercise any remedies that may be available.
Catalyst trusts and estates attorneys have a large network of accountants, certified financial planners, trust officers, and other outside experts to offer extensive and comprehensive advice to our clients serving as fiduciaries. Working with a Catalyst trusts and estates attorney, together with expert consultants, helps ensure the actions of the fiduciary are defensible and can help mitigate the risk of litigation.
We welcome inquiries regarding our services. Please call 503-207-1711 or contact us online to schedule a Complimentary 15-Minute Case Evaluation to learn more about fiduciary representation.