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Breach of Fiduciary Duty Lawyer Towson, MD
If you have been accused of breaching your fiduciary duty or if you believe your fiduciary’s actions constitute a breach, our credible breach of fiduciary duty lawyers in Towson, MD are here to help. If and when a breach does occur, it’s important for those owed the protection of the fiduciary relationship to know who can be held liable for the resulting damages.
To determine who can potentially be held responsible when a breach of fiduciary duty occurs, it is important to fully understand when a fiduciary duty applies and what constitutes a breach. You can count on The Grafton Firm to represent your interests and work to achieve a satisfactory resolution regarding fiduciary duty claims. Contact us now and schedule a free consultation with our top-ranking Maryland estate planning lawyers to discuss your case.
Why Do I Need a Breach of Fiduciary Duty Lawyer in Maryland?
When a breach of fiduciary duty occurs, it can be devastating to those affected. While one may believe a fiduciary is always acting in the best interests of those to whom he or she owes a duty, this isn’t always the case. Our qualified Towson breach of fiduciary duty attorney understands the complexities and nuances of how the fiduciary relationship works and can represent clients in pursuing or defending against these claims. At The Grafton Firm, we can:
- help you learn how to navigate Maryland law, how to establish the requirements in a breach of fiduciary duty case, and how to litigate against the liable party in court.
- conduct thorough investigations and evaluate the details of the breach and the damage it caused.
- present the fiduciary relationship between you and the other party against whom you are filing a claim and prepare an organized, persuasive argument of evidence on your behalf.
- protect your valuable interests and help achieve the best possible resolution for your legal disputes.
- provide legal advice in handling breach of fiduciary duty cases in Towson and its surrounding areas.
We have successfully litigated numerous fiduciary claims involving trusts, guardianships, probate proceedings, and more. We are happy to provide free consultations for your bankruptcy case, civil case, and estate planning needs. Contact us today to learn more about your legal options.
What is a Fiduciary Duty?
A fiduciary duty is established when a bond of trust is placed upon a person, known as a fiduciary, to act with loyalty and with good faith for all actions he or she takes on behalf of another person regarding business matters that involve finances, operations, property, and more. One’s role as a fiduciary also requires the individual to act honestly and straightforwardly in all dealings on behalf of the individual to whom the duty is owed. As a fiduciary, you can’t use the principal for your personal advantage.
Many types of positions involve being a fiduciary, including that of a trustee, personal representative, executor, real estate broker, agent under a power of attorney, or guardian, all of whom are obligated to act in the best interests of their client. For this duty to be legally enforceable, the relationship must have been created either through the factual circumstances of the relationship or under the law. Our skilled breach of fiduciary duty lawyer in Towson, MD can help you learn more about fiduciary relationships and obligations.
What is Considered a Breach of Fiduciary Duty?
When one party must act in the best interest of another party, it is referred to as a fiduciary duty. When this duty is created, the fiduciary owes the strictest duty of care owed that is mandated under the law.
Suppose the fiduciary either falls short of their legal obligations or purposely takes advantage of their position. In that case, they are considered to be in breach of their duty and are subject to legal action being taken against them. Our competent Towson MD breach of fiduciary duty lawyer can help you understand what constitutes a breach of fiduciary duty and determine whether you have cause for a lawsuit.
What are the Elements of a Breach of Fiduciary Duty Claim?
To prevail in a breach of fiduciary claim, certain elements must be established. Our knowledgeable breach of fiduciary duty lawyer in Towson, MD can help you know more about these elements. To prove a breach of fiduciary duty, you need to establish four things: the existence of a fiduciary duty, breach, losses, and causation.
Existence of Fiduciary Duty
A plaintiff must show that a fiduciary duty existed between him or her and another person, whether by law or contract. There must be a preexisting fiduciary-beneficiary relationship. Pre-existing means established before the action which constituted the breach. If the relationship was not already established, then no trust had been given, and so no trust could be violated.
Duty of Obedience
To fulfill the duty of obedience, fiduciaries must carry out their obligations within the scope of their delegated authority under the law and the applicable governing documents.
Duty of Loyalty
Fiduciaries are expected to put the welfare and best interests of the beneficiary above their own personal or other business interests at all times. It includes the duty of the fiduciary to excuse themself from taking actions when there’s a potential conflict of interest with the beneficiary’s welfare. This duty means that you work in the interest of your beneficiary and not for your own gain.
Duty of Care
The duty of care requires a fiduciary to use due diligence to get thorough information before making a decision that could impact a beneficiary. It is the responsibility of a fiduciary to inform oneself as completely as possible to be able to exercise sound judgments that protect a beneficiary’s interests. Thoughtful consideration of options and sensible decision-making based on a careful examination of the available information may be involved.
Duty of Good Faith and Fair Dealing
This fiduciary duty is closely aligned with the duties of obedience, loyalty, and care. Under this duty, a fiduciary must act with fairness, good faith, and honesty when handling a fiduciary obligation.
Duty of Full Disclosure
Fiduciaries must disclose all relevant information that could impact their ability to carry out their responsibilities as fiduciaries and/or the well-being of a beneficiary’s interests.
Breach of Duty
The fiduciary must have breached the duty to sustain this cause of action. The plaintiff must prove that the breach was within the scope of the fiduciary relationship. Proving this will require evidence showing the breach. This determination is fact-based, and the individual circumstances of the alleged breach are significant. A qualified Towson breach of fiduciary duty attorney can help gather the information needed to support your claim.
The breach of fiduciary duty must have resulted either in benefit to the fiduciary or in injury to the beneficiary. The plaintiff must prove that the breach caused harm and that that harm may be redressed under the law. If neither such an injury nor such a benefit has taken place, then the breach had no consequences and is not actionable. It is not enough to prove that a fiduciary’s actions were a breach if there is no harm to the plaintiff.
Finally, you have to show that the breach of fiduciary duty directly caused the damages you suffered. You will need to demonstrate that the losses you suffered directly resulted from the fiduciary’s negligence and misconduct.
Call Our Experienced Towson MD Breach of Fiduciary Duty Lawyer Now!
A fiduciary duty exists when one person places their trust, confidence, and reliance on another person to exercise expertise and discretion on their behalf. It is considered a serious obligation, and if a fiduciary does not fulfill his or her duties, it is known as a breach of fiduciary duty. Such breaches can have disastrous consequences on your finances and your reputation.
A breach of fiduciary claim can be complex, which is why working with our seasoned Towson MD breach of fiduciary duty lawyer at The Grafton Firm is essential. Our extensive experience allows us to thoroughly evaluate a fiduciary’s actions to determine whether or not a breach occurred, and what, if any, damages would remedy the situation.
Our estate planning law firm will work efficiently to protect your interests while exploring all options for resolution. We are here to answer your questions and doubts about estates, trusts, guardianships, fiduciary relationships, or estate administration matters.
If you suspect a breach of fiduciary duty occurred, or if you have been accused of a breach, schedule a free consultation with us today to discuss your legal options and maximize your chances of success. We will review your circumstances and devise a strong legal strategy that is tailored to your unique case goals.