Suing An Estate Executor For Breach Of Fiduciary Duty In Chicago
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Penalties for such breaches can be severe, including compensatory damages, punitive damages and legal costs. In some cases, the fiduciary may also face professional disciplinary actions or criminal prosecution.
Punitive damages are recoverable in a breach of fiduciary duty case when the plaintiff is able to prove by clear and convincing evidence that the breach was oppressive, fraudulent, or malicious.
Breach of fiduciary claims are a significant aspect of commercial litigation in Illinois, arising when a person or entity with a fiduciary duty fails to act in the best interests of the party to whom they owe that duty.
The standard for proving a breach of fiduciary duty varies from jurisdiction to jurisdiction. Typically, a claim for breach of fiduciary duty includes four elements: 1) the existence of a fiduciary duty; 2) a breach of that duty (through an act or omission); 3) damages; and 4) causation.
A plaintiff alleging a breach of a fiduciary duty “must prove (1) existence of a duty owed, (2) breach of that duty, (3) resulting injury, and (4) that the claimed breach proximately caused the injury.” Micro Enhancement Int'l, Inc. v. Coopers & Lybrand, LLP, 110 Wn.
The breach can only be found to occur when a professional is in a position of trust yet doesn't act in the best interests of the party to whom the duty is owed. As a layperson, it can be difficult to know what duties were owed under a certain set of circumstances.
Common Breaches of Fiduciary Duty by Executors Some common breaches include: Failing to act in the best interest of the beneficiaries, such as by using estate funds for personal expenses. Mismanaging estate assets, such as selling property for less than its market value. Or neglecting to maintain real estate.
Here are some common breach of fiduciary duty examples. Misappropriation of Assets. Conflict of Interest. Self-Dealing. Negligent Management of Assets. Inadequate Record-Keeping or Failure to Account. Failure to Distribute Assets.
