“To be trusted is a greater compliment than being loved.”
California, like every other state throughout the nation, considers self-dealing by a fiduciary to be an illegal act punishable at a criminal level. The very purpose of assigning a fiduciary is to avoid conflicts-of-interest. One of the main types of conflict of interest is self-dealing. In some instances, self-dealing is pretty straight forward – you are either guilty of it or you are not. In others, however, the act is not so obvious. FiduciaryNews.com shares a few ways in which you or someone you know may be guilty of self-dealing.
While being the beneficiary of a trust offers you some degree of security, it can also be the source of frustration in that you may feel subject to the whims of the trustee. From a high-level view, it may seem as though a trustee has all of the power over both a trust's property and its beneficiaries. Yet in reality, the trustee administering the trust you are party to in Newport Beach indirectly works for you and your fellow beneficiaries.
If you have been named a trustee or asked to be a trustee of an estate in California, it is essential that you understand the duties of the position. This is a very important role in the estate. You have great responsibility and liability. Not knowing what your duties are and what you have to do can be a serious mistake.
Estate disputes arise for diverse reasons and no two are identical. Unfortunately, we know that some estate disputes can be especially disheartening and tough to work through, such as those which involve family members. If you are going through an estate dispute with your sibling in Newport Beach, or another part of California, it is especially important to make sure that you handle the disagreement appropriately.
Cognitive disorders such as dementia and Alzheimer’s are common in the older U.S. population. In California, there is also a concentration of wealth in this group of citizens. When combined with the complexities of your family relations, challenging a will with allegations of undue influence due to the elder’s altered mental capacity is common. At Daily Law Group, we have experience representing clients who believe their elder relative was not mentally fit when creating their will, making it invalid.
If you are in business with one or more partners in California, you know that it is a big responsibility. In this type of mutual relationship, partners owe a duty to the partnership as well as each other. Daily Law Group has experience representing partners who have experienced fiduciary negligence.
As a senior, you may feel that you are reaching that point in your life where you would like to have someone assist you with some daily matters that have become difficult. However, none of your adult children live near you in California, so you have had to hire a caregiver. At the Daily Law Group, we understand that there are some red flags that indicate your caregiver could be committing fraud.
There comes a point for most people in California when they are no longer able to manage their own financial affairs. Individuals can plan for that day by naming a fiduciary agent in their estate planning documents.
The trustee your parents chose to manage their California estate on your behalf has been taking care of things for years, but recently, your income has dipped, and it appears that there is a problem with some of the investments that have been made. We at the Daily Law Group often review circumstances involving trusts for clients to determine if trustees have been negligent in fulfilling their fiduciary duties to the beneficiaries.