How Do You Find Legal Fidiciary Responsibilities As An Executor Of A Will?
The fiduciary standard is the highest standard of financial responsibility recognized under the law. The word comes from the Latin “fiducia,” or “trust,” and the doctrine requires a duty of utmost good faith and the absence of self-dealing. A fiduciary is legally required to handle financial and property issues solely in the interest of beneficiaries, without regard for the self-interest of the fiduciary. Consult with an experienced, qualified attorney. As a fiduciary, you take on a substantial legal and ethical burden. You could be sued for any breach of fiduciary duty to beneficiaries, real or perceived. Read the will. If you are new to estate conservatorship, go over it line by line with your attorney and discuss possible ramifications and potential legal pitfalls of each provision in the will. Understand your specific fiduciary responsibilities, both to the will itself and to the law. Specifically, you will need to assume control of the deceased’s assets, keep them strictly segrega
