Fiduciary duty is the responsibility to act in the best interest of someone else. The executives of a company have a duty to the shareholders, an attorney has a fiduciary duty to his client.
A fiduciary duty is a legal duty to act solely in another party’s interests.
-Legal Information Institute, Cornell University
A breach of this fiduciary duty, therefore, is any time the advisor acts contrary to the interests of the client. The fiduciary is held to a high standard of ethics, but often, as is human nature, the fiduciary will act in a way that benefits himself, or fails his duty simply due to incompetence.
Attorney & Client – Previously mentioned, the relationship between an attorney and client is one of the strictest. Attorneys are held responsible for their actions in court when representing their clients. The utmost level of confidence and trust must exist between attorney and client.
Trustee & Trust Beneficiaries – A very common one, due to the proliferation of wills and trusts. Under many estate arrangements, the fiduciary has legal ownership of the property and is responsible for making decisions on behalf of the beneficiaries.
Guardian & Minor – The legal guardian of a minor (when the natural guardian is not able to care for the child) has a fiduciary responsibility to the minor. This responsibility includes things like arranging for schooling, medical care, even daily things like discipline and diet. The guardian has a legal responsibility to care for the child until he or she reaches the age of majority.
Webb & Ord are experienced in trying cases for breach of fiduciary action. Don’t sit idly by if there is a possibility of foul play. Contact the attorneys at Webb & Ord to defend your rights.