Being asked to serve as an executor of a will or trustee of a trust is a significant responsibility that comes with legal obligations that you need to be aware of prior to accepting such a role. A fiduciary is someone in a position of trust and must act in the best interests of the beneficiaries. These duties are not merely titles; they are legally enforceable responsibilities.
Role as a Fiduciary
As a fiduciary, whether you are an executor, administrator, or trustee, you are legally required to exercise:
- Loyalty: Your actions must always prioritize the interests of the beneficiaries, and conflicts of interest must be avoided.
- Care: Assets must be managed with reasonable care and prudence, which includes making well-informed decisions and keeping accurate records.
- Impartiality: Beneficiaries must be treated fairly and equitably, regardless of personal feelings or biases.
Failure to uphold these fiduciary duties can result in legal action and personal liability, underscoring the need for a thorough understanding of these obligations and for the assistance of legal counsel. Given the complexities of estate administration, it is understandable that a fiduciary may feel overwhelmed and in need of assistance.
Guest and Gray: Your Partner in Estate Administration
Our firm provides comprehensive guidance to executors and trustees, offering support and advice on navigating the complexities of estate administration. We provide detailed explanations of fiduciary duties and will assist you in making sound decisions. This will ensure that you are protected from potential liability, and that your obligations are fulfilled with integrity and professionalism.
If you have been appointed as a fiduciary or are contemplating taking on such a role, call Guest and Gray. We can help you understand your responsibilities and provide you with a clear path forward. If you are looking to hire an attorney we offer free consultations. We can work together to ensure the wishes of the deceased are honored and that your duties are met completely and appropriately.
