Fiduciary Services (Guidance for the Executor or Trustee)

Increasingly top estate and trust litigation attorneys are pursuing lawsuits against fiduciaries (and their advisors) for breach of fiduciary duty. A fiduciary is a person such as an Executor, Trustee, or Agent under a durable power of attorney. If the court finds that the fiduciary is negligent or has intentionally violated his or her duties, the fiduciary can be ordered to personally pay for any losses incurred along with possible damages and attorney’s fees.

A fiduciary takes on a very difficult job with many potential pitfalls that could result in the fiduciary’s personal liability. Any inexperienced fiduciaries are strongly urged to obtain competent legal, financial, and tax advice in order to eliminate or minimize their personal liability.

After someone has passed away, if a revocable living trust has been established, the fiduciary (surviving Trustmaker and/or the Successor Trustee) will usually meet with us to ensure their plan is implemented the way it was designed. We will gather the necessary information from the family and assist them with the administration of the trust, division of assets, and asset transfers.

For those clients who have not implemented a trust-based estate plan, we will assist the family in navigating the probate process if that is necessary.

We will work with the financial advisors, CPAs, life insurance agents, and the deceased’s other professional advisors to complete any tax returns, such as gift tax returns (Form 709) and estate tax returns (Form 706), that may be necessary.

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