Thursday, July 24, 2008
The Illinois ARDC has filed a complaint alleging ethics violations by two brothers in connection with their representation of an estate and the widow of the deceased. One is charged with receiving a $100,000 loan from the widow for a home purchase; both are charged with having their children receice estate bequests of $25,000 each and with incompetent representation of the estate. According to the complaint:
Both Respondents had an attorney-client relationship with Delia Crosoli, the Estate of Louis Crosoli and the Estate of Delia Crosoli. As such, Respondents owed Delia Crosoli, the Estate of Louis Crosoli, the Estate of Delia Crosoli and their beneficiaries, fiduciary duties, including the obligation to act at all times with the highest degree of honesty, fidelity, loyalty and good faith, to avoid self-dealing, to avoid placing themselves in a position where their personal interests would conflict with the interests of their clients and to avoid dealing with the Crosolis’ property for their own unlawful benefit or unjust enrichment or for that of their own friends or family members. Further, Respondents, as trustee and successor trustee of Delia’s Trust, had a duty of loyalty and impartiality to the Trust beneficiaries, a duty to use reasonable care, prudence and skill in the management of Trust assets, a duty not to endanger the Trust property and a duty to pursue an investment strategy that considered both the reasonable production of income and the safety of capital.