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Fiduciary duties: Entrusting others who let you down

A breach of fiduciary duty can put you in a difficult spot. When you entrust someone with your money or assets, you trust that the individual will take care of those assets. You trust that he or she won't take risks or misuse what you've invested or put in his or her care. Unfortunately, some people do breach their duties.

A fiduciary relationship exists when one party places its trust and confidence in another. The other party must acknowledge this trust. A good example would be if you have an investor who you trust to invest your deposits into the market. You trust that he or she is doing the job you pay for, and he or she acknowledges that he or she is to invest on your behalf.

When someone breaches a fiduciary duty, it means that he or she is not holding up his or her end of the arrangement. That could mean the investor isn't investing your funds in a timely manner or fails to invest them at all, as an example. If you suffer damages as a result of a breach in fiduciary duty and can show the court that the defendant had a duty to you and that he or she breached it, then you have a good opportunity to obtain compensation for your losses.

No one should have to worry about their money when it's in the hands of someone who is supposed to protect or invest it. If your money has not been handled correctly, make sure you understand the legal actions you can take.

Source: FindLaw, "Breach of Fiduciary Duty," accessed Nov. 30, 2017

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