Power of Attorney Agent Breach of Fiduciary Duty
A Philadelphia breach of fiduciary duty power of attorney agent lawyer will help you to initiate a lawsuit when you believe that a person appointed with a particular responsibility has not lived up to that responsibility and has caused you damages. A breach of fiduciary duty power of attorney agent dispute lawyer will be the person who files your official legal claim.
There are many people who have responsibility for managing another person’s affairs. Even when the agent has the legal authority to act in this manner, it also puts a certain level of liability on that person. This can form the basis of many breach of fiduciary lawsuits. It can also cause lengthy claims involving probate disputes against executors and others.
A power of attorney is a document that gives authority to an individual, referred to as the attorney in fact or the agent. This person has a fiduciary responsibility to the person who signed the power of attorney. This person is known as the principal. The power of attorney document directly defines the full extent of that responsibility and the fiduciary duty that is owed. This means that the agent has liability if the attorney in fact or agent's actions exceed the powers granted in the power of attorney. Some common examples of breaches of agent fiduciary duty include comingling funds, improper gifts, self-dealing or losses that were created by an agent's omission or wrongful act.
If you have grounds to show that this has already occurred in your case, the support of a Philadelphia breach of fiduciary duty power of attorney agent lawyer will help you. A Philadelphia breach of fiduciary duty power of attorney agent attorney can help you to initiate legal action against the person who has violated their obligations. You have the right to retain an estate litigation lawyer if you are an interested party who believes that an agent has abused their position. The very act of retaining a lawyer can force the agent to provide a full accounting. The full and formal accounting must include details about every action that the agent took and information related to all assets. If it is determined from this accounting that the agent committed a breach of fiduciary duty, the judge is within his or her powers to surcharge the agent, which could force repayment of any lost funds directly out of the agent's personal funds. There are other avenues to rectify this situation when a power of attorney agent has overstepped their bounds, including the removal of the agent and the appointment of a guardian of the person or the guardian of the estate.
Breach of fiduciary duty can be a very complex situation for a person who was trusting another individual to make the best possible decisions on that person's behalf. It can be overwhelming to realize that you have experienced a breach of fiduciary duty tied to a power of attorney situation. Appointing a power of attorney means bestowing a great deal of trust and responsibility on another person but if that person breaches that duty, you could end up dealing with the consequences. Make sure that you have the support of an attorney to guide you through this process so that you can avoid consequences and challenges of your own. It is very difficult to move on with your life when you have suffered in this manner but the support of a lawyer is instrumental in giving you next steps.