Ashley Crispin Ackal Discusses the Major Factors of a Breach of Fiduciary Duty Claim
Palm Beach, Florida - ( NewMediaWire ) - October 13, 2020 - The term “breach of fiduciary duty” is enough to confuse anyone who isn’t equipped with a law degree. Fiduciary duty is a legal term used to describe the relationship between two parties. The responsibility of the fiduciary party is to act on behalf of the other party in a way that solely benefits their interest. Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach explained that an example of a fiduciary is a corporate trust company that is holding another person’s funds for investment or safekeeping.
Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach added a breach of fiduciary duty claim occurs when the plaintiff believes the fiduciary did not make choices that were in their best interest. She explained that four major factors must be present to file a breach of fiduciary duty claim.
“The defendant must have been acting as a fiduciary for the plaintiff,” O’Connell Crispin Ackal West Palm Beach said. “And the defendant must have made a decision that breached that duty.”
Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach added that, to make a breach of fiduciary duty claim, the plaintiff must have incurred some damages due to the breach. It must be proven that the breach of fiduciary duty is what caused the damages.
“It’s easier to remember these concepts as four simple terms: fiduciary duty, breach, damages, and causation,” O’Connell Crispin Ackal West Palm Beach said.
Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach explained that breach of fiduciary claims can be especially complicated and stressful for the plaintiff, as they have trusted the fiduciary party in good faith and confidence. The fiduciary party is always expected to operate with the highest degree of loyalty and honesty for the other party, and a breach of that can feel personal.
Ashley Crispin Ackal Estate Trial Lawyer of West Palm Beach explained it’s important to note that fraudulent fiduciary claims can be filed as well. As a trust trial lawyer, O’Connell Crispin Ackal West Palm Beach has worked on both sides of the issue, representing those who need to file a breach of fiduciary duty claims and those who have faced a breach of fiduciary claims filed by other family members and beneficiaries.
“There is a lot of gray area in the department of fiduciary duty claims,” O’Connell Crispin Ackal West Palm Beach said. “That’s why we work so hard to represent our clients on either side of the issue, whether they’re business owners, successor trustees, or family members.”
O’Connell Crispin Ackal West Palm Beach finished by stating that breach of fiduciary duty claims can be extremely personal and combative, and the only way to properly file or defend one is with a qualified estate trial lawyer.