Fiduciary Lawyers in Texas
In life, there may be many situations that could arise in which one party owes another a responsibility or duty. A fiduciary duty is a legal responsibility requiring a person to act in the best financial interest of another party. If a person fails to fulfill this duty it can result in serious legal consequences. Fiduciary duties are typically imposed by the public policy when a specialized service such as legal help or money management is involved. A fiduciary is expected to always act in good faith, with openness, and honesty. However, if a fiduciary has acted in any way to deceive another party the fiduciary may be held accountable by the law.
At Stepp Law, our attorneys have more than 70 years of combined experience helping our clients who have experienced financial loss as a result of a breach of fiduciary duty. Our team of estate planning lawyers has the skills and dedication, and experience to help you pursue the damages you are owed as a result of the fiduciary actions. When you hire us, we will provide you with the dedicated legal representation necessary for the best possible outcome for your case as you pursue justice.
What is Fiduciary Duty?
Fiduciary duty is the strictest duty of care recognized by the Texas legal system. This type of duty of care is defined as the legal duty of one party with superior knowledge or power to act in the best interest of another party. Fiduciaries, or the parties owing the duty of care to another, have a special relationship with those they owe the duties. Fiduciaries should act on the principal’s behalf, but may not benefit from these relationships unless they have the principal’s clear consent. Fiduciaries are required to avoid conflicts of interest between themselves and their principals. Additionally, they should avoid conflict between the principals and any of the fiduciary’s clients.
In Texas, anyone can be appointed a fiduciary. However, a fiduciary duty applies to the following professionals:
- Real estate brokers
- Members of limited partnerships, corporations, directors, and shareholders
If any of these professionals failed to act in your best interest, they may have breached their fiduciary duty. To get justice for any losses you have suffered as a result, our team of lawyers may be able to help
When Does a Fiduciary Relationship Exist in Texas?
There are various contexts in which a fiduciary relationship may exist. These relationships may come about as a result of two parties’ partnering regarding trusts, wills, and contracts. Some examples of relationships that may give rise to a fiduciary relationship in Texas include the following:
- Corporate Officer/Shareholder
If you are unsure if you were in a relationship in which fiduciary duty existed, consult one of our breach of fiduciary duty lawyers.
Can Corporations Be Charged With a Breach of Fiduciary Duty in Texas?
Directors of corporations are charged with specific fiduciary duties and may be found liable for damages if there is a breach of their duty. Their primary duties include the following:
- Duty of Care: This fiduciary duty requires directors of corporations to educate themselves with all material information available before making any business decisions. The reason for this is so that they may protect the interests of the corporation and its shareholders.
- Duty of Loyalty: The director’s duty of loyalty means they must act without any personal economic conflict. They must not use their position to further their interests.
If you believe that a director of a corporation has breached their fiduciary duty, our team of lawyers may be able to help you pursue justice for any losses you have suffered as a result.
Damages You Can Collect After a Breach of Fiduciary Duty
While a breach of fiduciary duty is not inherently criminal, it can result in extensive losses for victims. When a breach of fiduciary duty occurs, damages may include losses that have already occurred and losses that may occur in the future. These losses are as follows:
- Damages like lost profits, punitive damages, or exemplary damages
- Equitable remedies are court-granted reliefs requiring a party to act or refrain from acting when other legal remedies are insufficient
To get help collecting the damages you are owed, contact one of our breach of fiduciary duty lawyers today.
Contact a Breach of Fiduciary Duty Lawyer
The experienced attorneys at Stepp Law Firm PLLC are passionate about helping clients who have experienced losses as a result of the breach of fiduciary duty throughout Texas. We have several decades of experience helping Texas residents get justice by building a strong case to pursue the damages they are owed. To discuss your next steps with a trusted probate attorney, call us today at (713) 336-7200 or complete our contact form.