Representing Fiduciaries
Fiduciary Representation In Scottsdale, Arizona
When representing fiduciaries involved in trust/will contests, cases involving allegation of breach of fiduciary duty, attempts to change trustees or personal representatives, and other fiduciary litigation, the attorneys at ANDERSEN PLLC make it a priority to represent fiduciaries with all defenses against what can be frivolous claims. We assist our clients in not only mediating and looking for alternative dispute resolution opportunities, negotiating on their behalf, and if necessary, resolving those difficult disputes through litigation. ANDERSEN PLLC also defends personal exposure claims against fiduciaries as they are handling affairs of estates, trusts, conservatorships, or operating in other fiduciary capacities.
Re: Prelitigation guidance to fiduciaries on how to do their job pursuant to terms of document and Arizona laws.
The attorneys at ANDERSEN PLLC have successfully litigated matters involving fiduciaries, executors and trustees facing claims such as conflicts of interests, investment strategies, fee amounts, distribution elections, waiver clauses, spendthrift provisions, government regulatory obligations, internal investigatory proceedings and injunction actions.
Guidance To Fiduciaries
A fiduciary is someone who is appointed to exercise control over another person's assets. There are a number of ways for you to become a fiduciary: through a will appointing a personal representative, a trust appointing a trustee, a power of attorney, or a petition for guardianship or conservatorship.
As a fiduciary, it is important for you to understand all of the roles and responsibilities associated with managing another's assets. For example, under a general power of attorney, the fiduciary has expansive powers over the principal's assets. No matter your specific role, you have a duty of loyalty when acting in a fiduciary capacity. Under a power of attorney, this duty is to the principal whose assets you are managing, while as a trustee, this duty is to the beneficiaries of the trust.
Clients signing Documents — Fiduciary Representation in Scottsdale, Arizona
Either way, violations of the relationship, called a "breach of fiduciary duty", are considered very serious, because you are in a position of significant responsibility, and others are putting high trust in your actions. Any breaches of fiduciary duty carry serious penalties, including removal from the position, restoring lost assets, removal from any position of inheritance, or double repayment of amounts removed from accounts.
If you have been appointed to serve in any of these positions, you should consult with an attorney to learn what your responsibility may be and what your limitations are. Unfortunately, too many people take on the position without understanding the legalities and potential liability involved. Attorneys at ANDERSEN PLLC have experience working with trustees, personal representatives, agents, attorneys-in-fact, guardians and conservators. We stay current on changes to statutes, rules and ethical considerations to provide trustworthy and timely advice and direction.
Accounting Guidance
We understand the detail and difficulty involved for an individual trustee, executor, conservator, or guardian to complete the fiduciary accounting for trust, estates, conservatorships, and guardianships. Proper accounting is not only critical for the protection of the fiduciary, it is most often required by the court.
While this preparation can sometimes be overwhelming, we can help. We have both a thorough understanding of the accounting issues involved, and also, when needed, relationships with accountants, CPAs, professional fiduciary service providers that can fit the needs of your particular circumstance of your responsibility to the estate or trust.
Call on us to help you stay current with your requirements as an executor, trustee, conservator, administrator, or even if you are simply addressing a power of attorney. Proper administration and accounting can relieve you of financial liability and protect you as a fiduciary. Please call us at (480) 265-9165 today so we can assist you in properly accounting for your fiduciary responsibilities.
We provide compassionate legal assistance for clients in a difficult time of need. To speak to one of our attorneys in Scottsdale, Arizona, about the probate process, call us today and schedule an appointment.
