![]() Control Expenses: To take steps to avoid their payment or other administration expenses inappropriately reducing the size of the trust principal or estate (beyond reasonable fees).Prudent Administration: To take reasonable care of the affairs and assets in their charge, and use reasonable caution in making investments or distribution decisions.Impartiality: Not to play favorites between co-beneficiaries or heirs and balance competing interests fairly.Loyalty: To put the trust, estate, or individual’s needs before their own interests and avoid personal gain (beyond a reasonable payment for their services).Good Faith: To take reasonable efforts to fulfill the terms of the Will or trust or comply with intestate succession laws.This is called the person’s “fiduciary duty.” In court, this one overarching idea is broken up into several “ fiduciary duties”: What are a Personal Representative’s Fiduciary Duties?Ī fiduciary is expected to put his or her charge’s needs first, and act in their best interests, rather than his or her own. Personal Representatives of intestate estatesĮach of these positions operate slightly differently, but the common thread is that each estate fiduciary is responsible for managing the affairs of the incapacitated or deceased individual, and making decisions for the benefit of the person and their loved ones or named beneficiaries. ![]() In estate law, a fiduciary is someone put in charge of a person’s affairs, estate, or trust, including: In the financial world, fiduciaries include bankers, financial advisors, and others who handle their client’s money. They hold another person’s property in trust for that person’s benefit, and are legally required to put that benefit first, before their own self interest. What is a Fiduciary in Estate Law?Ī fiduciary is a person who is legally responsible to act on behalf of someone else. ![]() Understanding when a breach of fiduciary duty has happened can help you decide if you need to have anyone in these positions removed, and what will happen if you do. When trustees, professional representatives, and others hired to serve you or your family members’ estate fail to uphold their obligations, it could send you back to court. ![]()
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