Georgia Financial Litigation Attorney
The relationship between a trustee and a beneficiary is the highest recognized by Georgia law. It is even stronger than a mere fiduciary duty. A trustee must always act in the interest of his beneficiaries, and he cannot allow his own interests to ever interfere with his duties as trustee. If you have suffered financial damages because of the acts of a trustee, Georgia has a specific set of laws that outlines the damages and remedies available to you.
Generally speaking, there are two types of trustees: family trustees and corporate trustees. Family trustees usually administer a trust that was created for younger generations of a family, and corporate trustees are usually a bank that has been appointed to oversee funds or property placed into trusts. Either type of trustee may be held liable for breach of trust:
- It may be a breach of trust if the trustee enters into a transaction involving trust property in his own name or that unduly benefits him.
- It is also a breach of trust for a trustee to use trust funds for himself instead of preserving them for beneficiaries.
- Damages for breach of trust may also arise if the trustee is negligent in investing trust property (such as stocks), and the beneficiary suffers financial losses.
- Breach of trust claims often overlap with breach of contract, fraud, and breach of fiduciary duty claims.
Additionally, if you are a beneficiary of a trust in Georgia, you are entitled to know certain facts about the trust and the trust property. The trustee is required to provide you with an annual accounting of the trust property. Whether you are a beneficiary of a family trust or a corporate trust, it is important to insist on receiving an accounting of the property to ensure that your interests as a beneficiary are being protected.
Holding Parties to Their Legal Obligations in Georgia
If you or your business has been harmed by someone who owed you a fiduciary duty, you may be entitled to compensation. At Butler, Wooten & Fryhofer, LLP, our experienced Atlanta breach of trust lawyers have the experience and resources to handle complex business tort cases in an effective, cost-efficient manner. If your company or your client is involved in a dispute over a breach of trust, contact our Columbus financial litigation attorneys to discuss your options.
Advocates for Those Harmed by Breach of Trust
Two issues must be proven when bringing a breach of trust case to court: that there was a legally enforceable relationship in which trust was owed and that there was a breach of trust (whether intentional or unintentional) that resulted in harm.
For example, if a business partner failed to disclose significant financial details prior to signing a contract, an employee failed to disclose a conflict of interest or a stockbroker failed to disclose pertinent facts that would make an investment inappropriate for a particular client, these harms could result in compensation. In some cases, breach of trust can result in criminal proceedings as well as financial compensation in civil court.
In many situations, we are able to pursue breach of trust cases on a contingency basis, insulating our clients from the expenses of litigation.
We welcome inquiries from prospective clients, corporate counsel and referring attorneys. Don't hesitate to contact our Georgia partnership dispute lawyers to discuss what our firm has to offer in your case.