Breach of Fiduciary Duty
Colorado Revised Statute § 15-1-103 defines a Fiduciary as: "(1) a trustee under any trust, expressed, implied, resulting, or constructive; (2) an executor, administrator, Personal Representative, guardian, conservator, curator, or Receiver or bankruptcy Trustee; (3), a partner, agent, officer of a corporation, public or private, public officer, or (4) any other person acting in a Fiduciary capacity for any person, trust, or estate."
The ethical duties of a Fiduciary include the following duties:
- The duty of being impartial
- The duty of undivided loyalty
- The duty to administer the Trust, Will or Conservatorship with care and prudence
A breach of Fiduciary Duty occurs when the Fiduciary fails to adhere to any of these ethical duties associated with serving as a Trustee, Personal Representative, Conservator or Guardian. When this occurs, the Fiduciary may be held personally liable to the damaged party. Under certain circumstances, they can even be charged with a crime.
Some examples of breaches include investing Trust funds in risky investment schemes, commingling the Fiduciary's funds with the Trust funds, and making faulty distributions to beneficiaries.
Please call our office to schedule a confidential consultation if you believe a Fiduciary has breached his/her duties.
A person or entity appointed by the court to make decisions concerning the person, such as medical treatment, living arrangements, etc.
The individual for whom a guardian has been appointed.
A person or entity appointed by the court to make financial decisions and manage the estate of a protected person.
The individual for whom a conservator has been appointed or other protective order has been made.
The individual for whom the appointment of a guardian or conservator or other protective order is sought.
Defined by the Colorado statute as a person who is unable to effectively receive or evaluate information or both or make or communicate decisions to such an extent that the individual lacks the ability to satisfy essential requirements for physical health, safety, or self-care, even with appropriate and reasonably available technological assistance.
A guardianship of the person relates to making decisions about the ward, such as where he or she is going to live, what kind of medical treatment, care and assistance will be received, how the person will be protected and what kind of supervision will be received.
A conservatorship relates to making financial decisions and managing the estate of a person who is unable to manage his or her property and affairs effectively.
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