Answers To Common Questions About Breach Of Fiduciary Duty
Fiduciary law in California is complicated. If you believe a fiduciary has violated your rights or those of a loved one, you probably have a lot of questions. The attorneys at our firm, Gostanian Law Group, PC, have decades of experience litigating breach of fiduciary duty claims. We can answer your questions honestly and clearly, so you know exactly where you stand.
Here are the answers to some of the most commonly asked questions about breach of fiduciary duty:
What is a fiduciary?
When one party places their full trust in another party with that second party’s knowledge, a fiduciary relationship is formed. The second party is known as the fiduciary and is supposed to put the first party’s interests above their own. Common examples include lawyers, insurance agents and financial advisers.
When can I sue a fiduciary for a breach?
First, you must show that the fiduciary relationship was legally enforceable at the time of the breach. Usually, you and the fiduciary will sign a contract, or a statute will support your claim. Next, you must prove that the fiduciary breached the duty. Finally, you must be able to show damages.
For example, a trustee has a fiduciary relationship with the beneficiary of the trust. If the trustee embezzles money from the trust, that would be a breach of the trustee’s duty to administer the trust in the beneficiary’s best interests. The missing money would be the damages suffered by the beneficiary. The beneficiary would have a strong case for a lawsuit.
How do I know if I had a fiduciary relationship?
It is not always clear. Absent a contract or law that explicitly calls your relationship with another party a fiduciary one, the particular facts in your situation will determine whether a relationship was established. This is often a big controversy in breach litigation.
Find Out More About Your Rights
Schedule an appointment with one of our experienced attorneys for more specific answers to your questions about fiduciary law. Call Gostanian Law Group, PC, today at 949-393-1848 or toll-free at 866-330-0578 to reach our Newport Beach office. You can also email us, and we will get back to you quickly.