What Responsibilities does a Fiduciary Have?
The specific duties and responsibilities for a Fiduciary depend on their specific role, but in general terms they must act reasonably and prudently on behalf of the person whose interests are protected. For instance, for fiduciaries with financial responsibilities like Trustees, Conservators, and Personal Representatives, there is a long list of specific duties they must respect, many of which are defined under complex common law or statute, including the following: (A) They must prudently invest any assets under their control, balancing growth, risk, income, and other considerations under a specific set of Arizona statutes. Even if they have the best intent in the world, if they do not do this properly, they could be held liable for losses to the estate. (B) They have a duty to act in the best interest of all the beneficiaries or the incapacitated person, avoiding impermissible conflicts of interests, and other similar issues you don’t have to worry about with your own assets. (C) The
