Chicago Fiduciary Duty Lawyers
Fiduciary Duty Attorneys In Chicago
The core obligation of the executor or administrator is to preserve the estate and to make sure that beneficiaries receive their entitled portions. The executor’s actions may fall short or cross the line in many ways, such as:
- Investing in speculative securities
- Paying off the mortgage instead of selling the property
- Failing to account for missing assets
- Failing to defend the estate against claims
- Waiting too long to initiate probate
- Taking property or money for personal use
- Accepting bribes or favoring certain heirs
Breach of fiduciary duty is somewhat in the eye of the beholder. Ultimately, it may be necessary for a probate court to decide if the executor has failed to meet the standard or acted in bad faith. The judge can remove a fiduciary (executor/representative) in a pending probate case, and beneficiaries may have additional civil remedies under Illinois law if their financial interests have been compromised.
Contact Our Chicago Probate Lawyers
Our attorneys are available to advise executors and estate representatives at every step to avoid mistakes or any hint of impropriety and to take proactive or corrective action when issues arise.
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