Contested Accounting & Breach of Fiduciary Duty in New York
When a loved one passes away, leaving behind an estate plan that designates an executor, administrator, or trustee, the process can become much simpler. However, this also opens the possibility for those designated individuals to overstep their powers and violate the wishes of the individual who created the estate plan. When this occurs, it can be considered a breach of fiduciary duty. At Morgan Legal Group, located in New York City, we specialize in estate planning, probate, guardianship, elder law, wills, and trusts, ensuring the protection of your rights and interests.
Contested Accounting Attorney in New York
Executors or administrators are usually required to keep an account of all assets received, income, investment gains or losses, estate expenses, and distributions made. This accounting should be available to any beneficiary upon request. If a beneficiary believes the accounting is incorrect or that losses are due to the administrator’s mismanagement, they may take action. The individual responsible can be charged for any losses and may be required to repay the estate. Morgan Legal Group has extensive experience in handling such complex estate litigation matters.
Understanding Breach of Fiduciary Duty
A person is considered a fiduciary when they are given administrative duties over a trust, estate, will, or another type of estate planning document. This special relationship of trust and responsibility means they must follow the deceased’s directions explicitly. The fiduciary is responsible for collecting, distributing, and managing assets or property as directed. A breach of fiduciary duty can manifest in several ways:
- Removing property or assets from an estate without approval
- Transferring assets to their name during the administration process
- Failing to handle assets appropriately, resulting in a loss of income or investment
- Dragging out the administration process unnecessarily
- Failing to inform beneficiaries of important information or updates
- Not following the instructions given in a will or trust
A fiduciary can be accused of fraud or negligence when financial loss occurs. In such cases, the court may need to step in to impose a judgment. If you believe a fiduciary has acted incorrectly, our experienced legal team at Morgan Legal Group can provide the necessary counsel and representation.
Comprehensive Estate Litigation Services
At Morgan Legal Group, we offer a wide range of services to address estate litigation and fiduciary duty issues:
Estate Planning
Effective estate planning ensures your assets are distributed according to your wishes, minimizing potential disputes among beneficiaries. Our attorneys provide personalized estate planning services to create a comprehensive plan that includes wills, trusts, powers of attorney, and healthcare directives.
Probate
The probate process can be complex and time-consuming. Our experienced probate attorneys guide executors and beneficiaries through the probate process, ensuring the decedent’s wishes are honored and the estate is administered efficiently.
Guardianship
Establishing guardianship is essential for protecting the well-being of minors and incapacitated adults. Our attorneys assist clients in establishing legal guardianship, ensuring the best interests of the ward are prioritized.
Elder Law
Elder law encompasses various legal issues affecting older adults, including long-term care planning, Medicaid planning, and protection against elder abuse. Our elder law attorneys provide compassionate and knowledgeable legal services to help seniors and their families navigate these challenges.
Wills and Trusts
Creating a will or trust is a critical component of estate planning. Our attorneys help clients draft wills and establish trusts that reflect their wishes and provide for their loved ones. We also assist in the administration and management of trusts to ensure they are executed properly.
Key Steps in Addressing Fiduciary Duty Breaches
Addressing breaches of fiduciary duty involves several critical steps to ensure a fair resolution. At Morgan Legal Group, we follow a comprehensive approach to handle these cases effectively:
- Research: We gather evidence and assess the case’s strength, ensuring we have all the necessary information before proceeding.
- Pleading: Initial pleadings are filed in the probate court, notifying all associated parties who can respond or object to the lawsuit.
- Discovery: Both sides seek admissible evidence to support their case, including written documents and testimony from unbiased third parties.
- Mediation: Judges may require mediation, offering the best chance to settle the case amicably. Parties agree to involve a mediator, often a judge or attorney.
- Witness Depositions: Expert witness testimony, often from medical professionals, is crucial in many estate litigation cases to discuss the decedent’s mental capacity.
- Trial Preparation: We prepare extensively for trial, ensuring all evidence is ready and witnesses are prepared. This stage includes drafting statements and preparing for examinations.
- Trial: Trials are heard by a judge and can vary in length depending on the case’s complexity. We are prepared to advocate vigorously on behalf of our clients.
Personalized Attention for Estate and Trust Needs
At Morgan Legal Group, our estate and trust attorneys in New York provide clients with the time and attention they deserve. We understand the emotional and financial toll these matters can take, which is why we are dedicated to protecting your rights and interests at every step. Our commitment to personalized service means we tailor our approach to each client’s unique situation, ensuring the best possible outcome.
Many of our clients come through word-of-mouth referrals, reflecting the trust and confidence they place in our firm. We handle each case with the utmost care and dedication, knowing that no two cases are alike. Morgan Legal Group is here to provide the expert legal representation you need for estate and trust administration in New York.
Contact a New York Estate Litigation Attorney Today!
While we focus on resolving estate matters peacefully and amicably, we understand that this isn’t always possible. When needed, our legal team is prepared to step in and litigate fiercely on your behalf. If you believe a fiduciary has breached their duty or if you require assistance with any estate or trust matters, contact Morgan Legal Group today for expert legal representation.