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Spotting Conflicts of Interest in Estate Administration

Dispute

Estate administration requires Personal Representatives and trustees to act in the best interests of all beneficiaries while honoring the wishes of the deceased. While these duties are well known, conflicts of interest can arise when the individuals responsible for managing an estate or trust prioritize personal gain or show favoritism.

Conflicts can lead to disputes, mistrust, and even legal battles. Talk to a Pompano Beach estate litigation lawyer if you want to protect the integrity of an estate and ensure a fair outcome for all parties.

Self-Dealing, Favoritism, and More

Personal Representatives and Trustees have a fiduciary duty to act impartially and prudently when handling estate or trust matters. When they breach this duty, conflicts of interest can emerge. Here are some scenarios where conflicts often arise.

  • Self-dealing. Use of their position to benefit themselves financially. For example, they might sell estate property to themselves at below-market value, withdraw funds for personal use, or make investments that serve their interests rather than the beneficiaries’.
  • Favoritism among beneficiaries. When certain beneficiaries, such as close relatives or friends, unfairly access funds and disadvantage others, it could be favoritism. This could be true if payments to one beneficiary are expedited while others experience a delay in accessing assets in a way that contradicts the terms of the will or trust.
  • Personal relationships. Conflicts can also occur if the individual in charge of distributing funds has a personal or business relationship with someone involved in the estate, such as a creditor or service provider. This relationship may influence their decisions, leading to biased outcomes.
  • Compensation disputes. Reasonable compensation in place for the work done, but disputes may arise if beneficiaries believe the fees are excessive or unjustified. This often comes into play if their compensation reduces the overall value of the estate.

If you suspect a conflict of interest in estate administration, an experienced attorney can assist you in investigating misconduct. Professionals with experience in estate law can thoroughly review financial records, transactions, and decisions made by the executor to determine whether a conflict of interest exists.

Next, knowing that some individuals are bound by fiduciary duties, an attorney can hold them accountable if they breach these obligations, ensuring they act in the best interests of all involved. In cases of significant misconduct, a lawsuit to remove the executor or trustee and seek damages for any financial harm caused by their actions may be possible.

Taking Action Early

While some conflicts of interest may be unavoidable, proactive measures can minimize their occurrence. Beneficiaries should take steps to stay informed, regularly review estate documents, and request updates on the administration process. Consult a Pompano Beach estate litigation lawyer early if you suspect misconduct or bias.

Who jeopardizes the fairness and efficiency of an estate process you are involved in? The experienced legal professionals at Mark R. Manceri, P.A. can help protect your rights, resolve disputes, and ensure the estate is administered according to the law and the decedent’s wishes. Schedule a confidential consultation today.

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