When selecting a fiduciary for a loved one’s estate, you are placing trust in an individual to look out for the best interests of your loved one while setting self-interest aside. Fiduciaries hold positions of trust and confidence and must adhere to the highest legal and ethical standards.
In Connecticut, a fiduciary’s obligations are as follows:
- Protecting the interests of people entitled to an estate’s assets or the beneficiaries of a will or trust
- Disclosing all material facts to beneficiaries of a trust or estate
- Exercising a level of care that reasonable people would devote to if they had a say in their affairs
Should a family member of the deceased dispute the counseling of the fiduciary, guardians, trustees, holders of powers of attorney face accusations that include:
- Selling/renting property and stealing assets for personal use
- Overpaying themselves for fiduciary services
- Reimbursement for unreasonable expenses
- Making poor investment choices
Differing views on what is reasonable and prudent lead to disputes arising between fiduciaries and beneficiaries. One side may see a strategy as prudent while the other will find it to be too conservative or risky.
For more information on breaches of fiduciary duty, fill out our online intake form or call 203-864-6625 for a free initial consultation to discuss your specific needs. Learn more about frequently asked probate questions.