What Is Fiduciary Duty and Why Does it Last So Long?
1. The fiduciary duty is the highest duty known in law. It is the same duty of care and good faith that a parent has to a child, a doctor to a patient, a spouse to a spouse…and a lawyer to a client. It requires the highest degree of protective action to ensure that the recipient of that duty (the beneficiaries of the Will) are protected and strictly prohibits self dealing or dishonesty. Personal liability can be imposed upon an Executor for breach of fiduciary duty. See our article on fiduciary duty for a full explanation. 2. The statute of limitations to bring action against a fiduciary only runs from discovery of the “wrong doing” and in the case of minor beneficiaries, only begins to run from the time of their majority. Thus, if an Executor steals something in 1980, and it is discovered by the child in 1990, but the child attains eighteen years of age in 1993, the statue begins to run in 1993, thirteen years after the event! If the fiduciary hides the theft, the statue runs from whe
