Fiduciary Duty Of Trustees

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What Is A Fiduciary Duty?

A fiduciary  duty is a legal relationship between at least two parties.  The "fiduciary" is the party the duty is imposed on.  The "principal" is the party that is owed the duty.  

A fiduciary duty requires the fiduciary to act with all of the following: 

What Are A Trustee's Duties Toward A Beneficiary?

One of the most common examples of a fiduciary duty arises between trustees and beneficiaries.  The trustee is the legal owner of the property of a trust.  The beneficiary has no legal title to the property in the trust but may get use of the property without ownership.  A beneficiary can show a breach of a fiduciary duty if the benefit, profit, or gain was acquired:

Can I Recover Damages From A Breach Of The Fiduciary Duty?

When a principle can show breach of the fiduciary duty, the benefit gained by the fiduciary should be returned to the principal.  The exception to this rule is when a fiduciary fully disclosed the conflict of interest and the principal accepted the action.

Do I Need To Consult An Attorney About Fiduciary Duties?

Fiduciary duties can complex and confusing.  An attorney can help fulfill the duties of a fiduciary or determine if a trustee has breached the fiduciary duty.

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Last Modified: 06-20-2012 02:15 PM PDT

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