Recognizing a breach of fiduciary duty in Pinecrest probate requires specialized knowledge. If you are the beneficiary of an estate or have been named an estate’s personal representative, contact the probate attorneys at the Florida Probate & Family Law for guidance.
Who Is a Fiduciary in a Probate Proceeding?
When someone dies, their probate estate is the property they owned that does not pass directly to beneficiaries. In some cases, very little property goes through probate, but in others, most of the deceased person’s wealth must pass through probate before it is distributed.
If the deceased has a will, it names an executor who acts as the estate’s personal representative and handles the probate property. Otherwise, the court appoints a personal representative. In both cases, the person who handles the estate is a fiduciary, which means they have the legal duty to act in the best interests of the beneficiaries even when it conflicts with their own self-interest.
If you have been named or appointed to manage an estate in Pinecrest, our probate attorneys can explain your fiduciary duties and help you avoid any legal pitfalls. If you are a beneficiary with concerns about how the personal representative is handling the estate, we can advise you about the best next steps.
The Duties of a Fiduciary Managing an Estate
The personal representative of an estate must complete numerous tasks. They must gather all the deceased person’s probate property, notify creditors, collect debts owed and pay the estate’s debts, including taxes for the last year the deceased person was alive. When all these tasks are complete, they must distribute the deceased person’s property as the will directs, if one exists, or in accordance with the law if there is no will.
The personal representative must manage their responsibilities while upholding their fiduciary duties. In the context of probate, some of the critical fiduciary duties include:
- Responsibly managing the estate’s property
- Acting only in the interests of beneficiaries
- Communicating regularly with the beneficiaries
- Accounting for all estate funds
In addition, a personal representative must take only reasonable fees for their work on the estate.
Whenever a personal representative uses their post to enhance their own financial situation, they breach their fiduciary duty. Sometimes, a personal representative can be doing their best to perform their responsibilities honestly and still breach their duty with no intent to defraud. If you have doubts about a personal representative’s performance or if you have been named a personal representative in probate court, it is wise to speak with a Pinecrest attorney to gain a clear understanding of the fiduciary duties associated with the position.
Consequences of a Breach of Duty
When there is a suspicion that a personal representative is not complying with their fiduciary duties, the beneficiaries of the estate can take legal action. A Pinecrest attorney could help the beneficiaries petition the probate court for the personal representative’s removal, or they could defend them from the breach of fiduciary duty accusations.
If a probate judge finds that the personal representative acted inappropriately, the court could remove them and appoint another person in their place. In addition, Florida Statutes § 733.609 makes a fiduciary personally liable for any losses the beneficiaries suffer due to the breach of duty. The personal representative may also be liable for the beneficiaries’ attorney’s fees.
Contact a Pinecrest Lawyer About Possible Breaches of Fiduciary Duty in Probate
Most personal representatives strive to accomplish their jobs as efficiently as possible and with integrity. Unfortunately, sometimes people use the position to their own advantage, and others get overwhelmed with the job. Contact us if you are concerned about a potential breach of fiduciary duty in Pinecrest probate.