Fiduciary Duties
A Fiduciary Duty is simply the duty to act in someone else's financial best interests. The duty arises from an agency relationship in which one person has the authority to make important decisions or manage assets for another.
At Robbins, Kelly, Patterson & Tucker, A Legal Professional Association, our Cincinnati lawyers for breach of fiduciary duty have been helping clients with fiduciary duty issues since 1965. We have grown to two Ohio offices, with a 52-person team that includes 22 lawyers. We serve clients in throughout the Tri-State Area of Ohio, Kentucky and Indiana, representing:
- Executors and Administrators of Wills
- Trustees of Living and Testamentary Trusts
- Attorneys-in-fact under a Power of Attorney
- Banks
- Corporate executives
- Attorneys
- Business partners and executives
Fiduciary Duty for Powers of Attorney
A power of attorney is a document that gives someone else the power to manage your finances. The person given the responsibility is called an "attorney-in-fact" and the person giving the power is called the "principal". As in other principal/agent relationships, it is common for disputes to arise in dealing with powers of attorney. We handle claims and issues that include:
- Invalid power of attorney
- Misuse of power of attorney
- Misuses of assets under the attorney-in-fact's control
- Fraud
- Self-dealing
Breach of Trust
An issue closely related to breach of fiduciary duty is breach of trust. In a breach of trust situation, the trustee or a beneficiary of a trust violates one or more of the terms of the trust. For example, a "spendthrift trust" is a trust document that spells out limitations and clear directions for how the beneficiary can use the trust money or when the beneficiary will receive the money. A trust instrument that clearly limits the trust's use to college education cannot be used for other purpose. If the beneficiary uses that trust money for something else, it is a breach of trust and could cause the loss of trust benefits to the beneficiary. Likewise, if the trustee mismanages the funds in the trust agreement by placing money in a prohibited investment, it is a breach of trust.
Contact an Abuse of Power of Attorney in Ohio | 513-721-3330
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