For those who are in management positions in Dallas and need legal advice regarding the fiduciary duties that come with those roles, it’s important to know where to go to get the comprehensive counsel and resources you need. Whether you’re looking for a one-time consultation, or need a full legal team, UpCounsel has you covered. Here’s a comprehensive look at getting started on fiduciary duties in Dallas.

What is Fiduciary Duty?

Fiduciary duty is a fundamental legal obligation that is owed to an individual or institution. It requires someone to act solely in someone else’s best interest, such as the stockholders of a company, the trustee of a trust, the licensees of contracts, or the members of a corporate board of directors. It creates a high standard of care because the fiduciary must take into account all interests of the people or parties under their control.

Fiduciary duty is beneficial for businesses in Dallas because it seeks to minimize the potential for conflicts of interest. It does this by creating a duty of “loyalty” to the people or entities involved in decision-making, and promotes transparency and accountability among those involved. Therefore, if you’re in a role where you have fiduciary duties, it’s important to be aware of these duties and the legal counsel necessary to fulfill it.

The Three Primary Types of Fiduciary Duty in Dallas

Fiduciary duty exists in any legal relationship where one party entrusts another to act in the best interest of the party entrusting the work. The three primary types of fiduciary duty are duty of care, duty of loyalty, and duty of obedience.

Duty of Care: A duty of care implies a fiduciary must act with reasonable care for the trustor's needs and interests. This means being prudent, watching out for the trustor's best interests, and using reasonable care when making decisions.

Duty of Loyalty: This duty exists when the fiduciary owes an obligation to act in the best interest of the trustor. It requires the fiduciary to refrain from competing with the trustor, using the trustor's property or information and self-dealing, or receiving a secret profit from a transaction.

Duty of Obedience: An important part of the fiduciary relationship is the duty of the fiduciary to obey the orders that are reasonably necessary for the purpose of the trustor. This means that a fiduciary must adhere to instructions and restrictions given by the trustor.

Finding Fiduciary Duties Legal Support in Dallas

When it comes to finding the legal support you need in Dallas, UpCounsel is a great solution for small businesses or Fortune 500 companies looking for high-quality and cost-effective services. Our network of experienced lawyers can help you meet the fiduciary duties in your role. Not only do we have years of experience in the relevant industries, but our profiles also demonstrate client ratings and reviews of recent work.

At the same time, UpCounsel also has the resources and attorneys to provide you with one-time and ongoing consulting. That means you can consult with legal experts whenever the situation calls for it. From business attorneys to fiduciaries, UpCounsel can connect you with the lawyers that fit your circumstances.

Summing Up Fiduciary Duty in Dallas

At the end of the day, it’s essential to understand the fiduciary duty associated with your role in decision-making. In Dallas, you need to find experienced legal representatives who can explain your fiduciary obligations and give you the resources you need to meet them. Whether you’re in need of a one-time consultation or an ongoing legal team, UpCounsel can help match you with the lawyers who can provide counsel tailored to your unique circumstances.


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