When a loved one passes away in Florida, the executor or personal representative responsible for administering the estate has a fiduciary duty to act in the best interests of the beneficiaries. Unfortunately, there are cases where the executor breaches this duty, causing harm to the estate and its beneficiaries.
If you suspect a breach of fiduciary duty in your loved one’s Florida estate, you may wonder if seeking redress is the right course of action.
Understanding fiduciary duty
A fiduciary duty is a legal obligation that requires the executor or personal representative to act with the utmost loyalty, honesty and integrity when managing the estate. They should prioritize the interests of the beneficiaries and avoid any conflicts of interest. The Florida 2022 statutes clearly define the roles of someone with fiduciary duty and the repercussions of breaches.
Identifying a breach of fiduciary duty
If you suspect a breach of fiduciary duty, it is crucial to carefully review the actions or omissions of the executor. Common examples of breaches include mismanagement of assets, failure to distribute assets in a timely manner, self-dealing, embezzlement of estate funds or withholding important information from the beneficiaries.
Evaluating the impact
If the breach has resulted in significant financial losses, mismanagement of assets or undue delay in estate administration, seeking redress may be necessary to protect the interests of the beneficiaries and ensure a fair distribution of assets.
A careful analysis of the breach is an essential part when deciding whether or not to redress. By taking appropriate action, you can protect the interests of the beneficiaries, hold the executor accountable for their actions and ensure a fair resolution.