Breach of Fiduciary Duty: 7 Facts to Know (Pt. 2)

February 11, 2015

Picking up from Breach of Fiduciary Duty: 7 Facts to Know (Pt. 1), here, we will continue this discussion by revealing a few more important issues related to breach of fiduciary issues.

More Important Info about Breach of Fiduciary Duty Cases 3 – Breach of fiduciary duty can occur in various ways.

Breach of Fiduciary Duty: 7 Facts to Know
Did you know that there are strict time frames for filing breach of fiduciary duty cases in California? Here are some more important facts to know about these cases.
When fiduciaries are overseeing some asset or financial affairs on your behalf, some of the ways that they may breach of their fiduciary duties can include by:

  • Making decisions and/or taking actions that go against the best interests of the beneficiaries

  • Attempting to profit from one’s position as a fiduciary without beneficiary’s knowledge or consent

  • Favoring any beneficiaries and/or creditors over others

  • Irresponsibly or recklessly handling, distributing and/or investing the funds they have been entrusted to manage

  • Co-mingling personal funds with the funds of an estate

  • Failing to keep beneficiaries informed about the status of an estate, particularly when beneficiaries directly request such updates

  • Failing to properly account for the funds or assets of an estate or trust.

Keep in mind, however, that these may not be the ways of breaching fiduciary duties, as the specific nature of a given situation – as well as the terms of the fiduciary relationship – can require that the responsible party follow through additional and/or other legal obligations in this role.

4 – There are strict time limits for filing breach of fiduciary lawsuits in California.

In fact, depending on the nature of a breach of fiduciary duty claim, California law stipulates that these cases must be filed within two to three years of the alleged breach. Or, to put it in other words, there is a two- to three-year statute of limitations associated with filing breach of fiduciary duty lawsuits.

Here, it’s also crucial to point out that:

  • Waiting until after the statute of limitations has expired to pursue breach of fiduciary duty lawsuits can result in people losing their opportunities to pursue their claims in court.

  • Contacting a trusted estate planning and administration lawyer – like Attorney Darrell C. Harriman – can be crucial to getting your case started as soon as possible and to ensuring that your case is filed before the statute of limitations expires.

For some final important info about breach of fiduciary duty cases in California, be sure to look for the upcoming conclusion to this blog series!

San Fernando Estate Planning Attorney at the Law Offices of Darrell C. Harriman

Whether you believe a fiduciary has breached his duties or you are a fiduciary who has been accused of breaching your duties, you can turn to the trusted San Fernando estate planning attorney at the Law Offices of Darrell C. Harriman. For more than three decades, our San Fernando estate planning attorney has been dedicated to providing his clients with personalized, highly responsive service, as well as superior representation for their important legal matters.

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