Some people are in positions that put them in a place of trust. An executor of the last will, trustees handling assets, and attorneys representing their clients are trusted as fiduciaries. When someone in one of these positions breaches that trust, it can have severe consequences for individuals relying on the fiduciary. Here are three signs of a criminal breach of trust in Singapore.
Commingling of Assets
Fiduciaries should remember that assets belong to the beneficiaries. Those operating in a fiduciary capacity must keep the assets they manage on behalf of another separate from their own. They must keep meticulous records of every transaction. Beneficiaries should have access to these records. If a beneficiary sees that assets are not kept separate, or if they aren’t receiving the documents, it’s reasonable to suspect a criminal breach of trust in Singapore.
Conflicts of Interest
When working on behalf of another person, a fiduciary must set aside their interests. If they hire someone to repair the house held in the name of the trust and receive kickbacks, it breaches the trust. Another example of breaching trust is if the fiduciary lends money from the trust fund to themselves or a relative.
Failure to Oversee
Often, a fiduciary works in conjunction with other co-executors or co-trustees. Each fiduciary is responsible for providing oversight of all the fiduciaries and their activities. They must take action to avoid or report a criminal breach of trust in Singapore. When a fiduciary fails to prevent or report wrongdoing, it also breaches trust.
Do you suspect you are a victim of a criminal breach of trust in Singapore? Visit the Bishop Law website to get the legal help you need.
