Estate and Probate Attorney in Cincinnati Ohio » breach of fiduciary duty http://www.ohioprobateanswers.com Cincinnati Probate Attorneys: Elliott Stapleton, D. Todd Rush, and John Cornetet Thu, 05 Jan 2017 20:48:57 +0000 en-US hourly 1 https://wordpress.org/?v=4.2.39 Actions against the Executor/Administrator http://www.ohioprobateanswers.com/estate-litigation/actions-against-the-executoradministrator/ http://www.ohioprobateanswers.com/estate-litigation/actions-against-the-executoradministrator/#comments Tue, 29 Mar 2011 09:02:09 +0000 http://032b5f3.netsolhost.com/wordpress/?p=112 Read more]]> The executor, administrator and trustee are also called fiduciaries.  This is because they owe the estate, trust, and the beneficiaries of the estate or trust a fiduciary duty to act in the best interest of the estate, trust, and the beneficiaries.  This is the highest levels of legal duty.  The fiduciary acts with the same regard as they would if it was their own estate or trust.  The beneficiaries can bring an action to remove the fiduciary and to recover money under the following:

  • Delay in the administration
  • Mismanagement of the estate or trust affairs
  • Self dealing – using assets for their own benefit
  • Breach of a fiduciary duty
  • Breach of loyalty
  • Failure to communicate to the beneficiaries
]]> http://www.ohioprobateanswers.com/estate-litigation/actions-against-the-executoradministrator/feed/ 0 Liabilities of the Executor/Administrator http://www.ohioprobateanswers.com/executors-administers/liabilities-of-the-executoradministrator/ http://www.ohioprobateanswers.com/executors-administers/liabilities-of-the-executoradministrator/#comments Tue, 29 Mar 2011 08:40:54 +0000 http://032b5f3.netsolhost.com/wordpress/?p=71 Read more]]> The executor/administrator can be removed by the Court for failure to perform such duties. They can also be subject to possible civil and criminal penalties for improper conversion of estate property.

The executor/administrator is also responsible for filing estate tax returns and income tax returns for the decedent and the estate.  They can be held personally responsible for their failure to file these returns.

In addition, they owe the beneficiaries of the estate a fiduciary duty.  In law, this is the highest duty owed to another.  The executor has a duty to protect, manage, and care for the estate assets as if the assets were his own.  If the executor/administrator is not careful and dilligent, he or she can breach the fiduciary duty owed to the beneficiary and be personally responsible.  For example, a house is worth $150,000.  The executor fails to get it appraised and sells it for $100,000.  He could be liable for the $50,000 in lost value.

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