A “fiduciary” is one who holds a special position of trust, confidence and responsibility to another. An attorney is a fiduciary to his client. An executor is a fiduciary to the beneficiaries of the estate. An agent appointed in a power of attorney is a fiduciary to the principal who appointed her. Spouses are fiduciaries to each other and parents are fiduciaries to their children. All of these fiduciaries owe very serious obligations to their beneficiaries.
Those fiduciary obligations include the duty of loyalty, competency and full disclosure. Generally speaking, a fiduciary must always put the beneficiary’s interests first, even though the fiduciary’s interest may suffer as a result. Commonly enough, this often leads to problems between the fiduciary and the beneficiary.
When a fiduciary breaches their obligations, the result can be disastrous. Often, the breach of duty occurs in secret and may not be discovered until much later. When a fiduciary benefits from any transaction with their principal, there is a presumption that the transaction was unfair. If fiduciary issues are affecting your family, we can offer years of experience seeking what is right.