Nashville Breach of Fiduciary Duty Lawyer

Nashville Breach of Fiduciary Duty Attorney

Seeking the knowledge and experience of a Nashville breach of fiduciary duty lawyer is crucial when facing legal matters involving business relationships, trusts, and fiduciary duties. These breaches can have serious consequences, significantly impacting the individuals and entities involved.

When dealing with these matters, it’s important to understand what fiduciary duties are, the role a lawyer plays in these cases, and the legal framework surrounding them in Tennessee.

Hiring the Right Nashville Breach of Fiduciary Duty Lawyer

With nearly a decade of experience, Emmack Probate And Estate Law Group is well-versed in breach of fiduciary laws in Tennessee. A Nashville breach of fiduciary duty lawyer can provide guidance and representation for these cases. Shanone Emmack’s detail-oriented nature allows her to provide effective legal support to clients. With her proven track record of success, she understands how important it is to keep her clients updated throughout the process, especially when it comes to planning for the future of their estates.

For questions surrounding breach of fiduciary duties and its related consequences, get the legal guidance of an experienced lawyer.

Understanding Fiduciary Duty in Tennessee

Fiduciary duty refers to the legal obligation between two parties in which one party, known as the fiduciary, owes the other party, known as the principal or beneficiary. The fiduciary is required to act in the interest of the principal, exercising a high standard of care, loyalty, and good faith. These types of relationships are normally present in situations in which one party places trust and confidence in another, often as a result of a special relationship.

Some of the most common examples of fiduciary relationships include:

• Business partners
• Corporate directors and officers
• Trustees and beneficiaries
• Attorneys and clients
• Executors and beneficiaries of estates

What Constitutes a Breach of Fiduciary Duty?

When a fiduciary fails to act in the interest of the principal or beneficiary, violates trust, or engages in behavior that is contrary to the duty they owe, it is considered a breach of fiduciary duty. These types of issues can happen in various ways, including:

• Conflict of interest. This is when a fiduciary places their personal interest above those of the beneficiary or principal. An example would be when a business partner uses company resources for personal gain.
• Self-dealing. A fiduciary engages in self-dealing when they make decisions that benefit themselves at the expense of the principal or beneficiary. When a corporate officer approves a business deal with a company they own, without full disclosure to the shareholders, this would be an example of self-dealing.
• Failure to disclose. Disclosing relevant information to the principal or beneficiary is the responsibility of the fiduciary. When they fail to disclose material facts or hide information that could affect decisions, they are in breach.
• Negligence or mismanagement. A fiduciary also has a duty to act with due care and diligence. Negligence or poor management of business affairs or assets could lead to a breach of fiduciary duty. An example of this would be when an executor fails to properly manage an estate’s assets.
• Misappropriation of funds. A clear breach of fiduciary duty would occur if a fiduciary takes or uses funds that belong to the principal or beneficiary for their own purposes.
• Violation of confidentiality. Disclosing or misusing the confidential information a fiduciary is privy to for personal gain or for the benefit of a third party could result in a breach of duty.

Legal Consequences of a Breach of Fiduciary Duty

Serious consequences can be the result of a breach of a fiduciary duty. Those harmed by a breach can seek legal remedies in Tennessee. These potential consequences may include:

• Damages
• Equitable remedies
• Removal from position
• Rescission

Role of a Nashville Breach of Fiduciary Duty Lawyer

Hiring a breach of fiduciary duty lawyer in Nashville, Tennessee may be required to navigate these legal cases. These attorneys can help individuals and businesses understand their legal rights in these complex cases. Their roles may include:

• Legal consultation and advice
• Investigation and evidence gathering
• Negotiation and settlement
• Litigation and trial representation
• Enforcing judgments

FAQs

How to Sue for Breach of Fiduciary Duty?

Several elements must be proven in order to pursue a claim for breach of fiduciary duty. For example, one must prove that the defendant has a relationship with them, the defendant acted in a way that violated their duty, you suffered an injury or financial loss, and that breach caused your loss. Discussing your options with an experienced lawyer is highly recommended.

How Hard Is It to Prove Breach of Fiduciary Duty?

In some cases, it can be difficult to prove breach of fiduciary duty. The requirements vary by jurisdiction, and the process can be long, complex, and fact-intensive. It’s important to gather all the necessary evidence, make claims as specific as possible, and work with an experienced breach of fiduciary duty lawyer who can help you navigate the legal process.

What Is the Standard of Proof for Breach of Fiduciary Duty?

In Tennessee, the standard of proof for a breach of fiduciary duty claim is a preponderance of the evidence, meaning the plaintiff must show that their case is more likely true than not. The three standard elements for these claims are: proving the existence of a fiduciary relationship and duty, demonstrating a breach of that duty, and establishing damages directly caused by the breach.

What Is the Statute of Limitations for Breach of Fiduciary Duty in Tennessee?

In Tennessee, the statute of limitations for breach of fiduciary duty is one year from the date of the breach of violation. Since this represents a short amount of time, it is important to talk with a skilled lawyer and begin the legal process as soon as possible. This will improve your chances of a successful outcome.

Get Free Legal Consultation for Breach of Fiduciary Duty Cases

When it comes to hiring a Nashville breach of fiduciary lawyer, you will want to choose a lawyer who has experience working on cases similar to yours, has a strong reputation, and has a proven track record of successfully representing clients.

Shanone Emmack at Emmack Probate And Estate Law Group understands how important these cases are and is ready to get started working on yours. Contact her office today for a consultation.