New York Complaint for Breach of Fiduciary Duty - Trust
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How to fill out Complaint For Breach Of Fiduciary Duty - Trust?
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FAQ
A breach of fiduciary duty occurs when the fiduciary acts in his or her own self-interest rather than in the best interests of those to whom they owe the duty.
A trustee violates their fiduciary duties if they: Swindle estate funds (self-dealing) Combine estate and personal funds. Refuse to distribute assets to beneficiaries.
Examples of breaches can include stealing clients away from an employer, misappropriating funds, or working with or for the competition.
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.
A breach of fiduciary duty is not a criminal act but can be associated with one. For example, if the Trustee was self-dealing, e.g., selling a property, for instance, way below fair market value to a friend or themselves, then a court may see this as a form of embezzlement.
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 claim for breach of fiduciary duty accrues as soon as ?the claim becomes enforceable ? when all elements of the tort can be truthfully alleged in a complaint.? IDT, 12 N.Y. 3d at 140.
These include: Fraud that is committed by a trustee or an executor. Embezzlement that is carried out by an administrator or executor. Negligent or intentional oversight or investment of assets that were held in a trust or by an estate.