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Breach of Fiduciary Duty

Equitable Remedies in Cases of a Breach of Fiduciary Duty

Breach of Fiduciary DutyBreach of fiduciary duty can occur when a fiduciary such as an Executor, Administrator or Trustee obtains profit through self-dealing or causes losses through a breach of duty.  If this happens, you need an experienced New York City estate litigation lawyer who knows how to evaluate and recommend equitable remedies.

Breach of fiduciary duty can take many forms some of which are apparent and others which require examination of fiduciary accounts and transactions in detail.  Court proceedings may be necessary to remedy these breaches of duty or to remove a fiduciary from his or her position.  Breach of fiduciary duties remedies vary depending upon the situation.  It is not always easy to determine whether a fiduciary has breached or acted improperly especially where complex financial and business matters are involved.  Sometimes a New York City attorney will obtain the services of a forensic accountant, an appraiser or other specialist to examine the fiduciary's actions.

In circumstances of a breach of fiduciary duty, a court may award one of the following remedies against a defaulting fiduciary: (a) a constructive trust; (b) an account of profits; or (c) equitable compensation or surcharge.

Executors, Administrators and Trustees have many responsibilities and obligations.  It may not be easy to determine or to demonstrate to the Court that a fiduciary has breached some duty or obligation.  For example, a fiduciary has an obligation not to engage in self-dealing.  This means that a fiduciary cannot take advantage of his position to benefit himself at the expense or the detriment of an estate or trust or the beneficiaries.  A fiduciary also has the obligation of acting fairly and cannot benefit one beneficiary over another.  Also, a fiduciary must act reasonably and responsibly.  For example, an Executor is required to gather Estate Assets and determine whether the estate may be subject to estate taxes.  If taxes are due, the Executor must arrange for timely payment of the taxes or he may be responsible for any interest and penalties incurred due to his neglect.

One of the more common remedies in cases where a fiduciary, such as an executor or administrator, fails to conduct his affairs properly, is to ask the Court to revoke his appointment and remove him from office.  New York Surrogate's Court Procedure Act ("SCPA") Section 711 provides that a person who is interested in the matter may ask the Court for this relief.  Some of the grounds for removal provided by the statute include the waste of assets, dishonesty, improper management of property and refusal or neglect by the fiduciary to obey a direction of the Court.

New York City lawyers work closely with their fiduciary clients to assist them with complying with the many rules and requirements that concern their fiduciary role.  It is always best to obtain good sound advise from an attorney rather than to engage in conduct without full consideration of the harm and damage that may result to an Estate for which a fiduciary may be found to be personally liable.

I graduated in the top 10% of my class at New England School of Law in Boston and have been representing clients in matters involving fiduciary duties for many years. I provide my clients with personal representation and work with them to obtain the results they desire.

You can contact me at (212) 355-2575 or e-mail for a free appointment with a New York City attorney.

Client Reviews
★★★★★
I am very grateful to Mr. Jules Martin Haas attorney of law in New York. I am from Buenos Aires Argentina. He managed with expertise a very difficult situation. of a complicate heritage from my aunt Anna Grodzka that lived and died a very long time ago in New York. I recommend him not only for his extraordinary knowledge but also for his kindness. Irma CW Peusner
★★★★★
I found Mr. Haas after being misguided by a former attorney. Mr. Jules Haas took our case which involved an estate/trust dispute. What initially seemed like an impossible and overwhelming legal fight was now in the hands of someone who had the integrity and legal expertise to win our case. Mr Haas' attention to detail and his expert knowledge base, skillfully and successfully guided us through an intricate legal process. I am very thankful and grateful to Mr. Jules Haas for representing our interest and ultimately winning. Bringing about a peace of mind we needed. Thank You Devida Nedd
★★★★★
I was in need of a guardianship attorney and I hired the services of Jules M. Haas' Law firm. The service of counselor Haas and his staff, was very profesional and the case was handled in a timely matter. I would strongly recommend his services Angel Guevara
★★★★★
I strongly recommend Jules Haas. I have worked with him for two years and he has provided so much support and followed through with everything he promised he would do. His support staff is just as helpful! We had an interesting case and he helped to solve each part of it legally and was very thorough. Thank you for everything you have done to finalize our families estate Robyn Stafford
★★★★★
Jules Haas helped me with managing the process in probate court for my father's estate through to its completion upon the sale of my father's house. He was knowledgeable, efficient, and effective in submitting documentation to the probate court, explaining procedures to me, and advising me as to the progress of my case. His support staff was also very helpful. He made what for me created so much anxiety into something manageable where I could see progress every step of the way. His fees were very reasonable. I am super grateful to him for all the help he has provided and strongly recommend his services. Diana Janer
★★★★★
I just completed an estate transaction where Jules Haas represented my client in an estate and he did a great job! He was very quick at responding to all matters throughout the sale process, he was detailed, he was knowledgeable and he was a pleasure to work with. I just recommended him to some new clients who are going through an estate matter and will continue to recommend him. Rodolfo Lucchese