A fiduciary is a person who has been named in a will, trust instrument, or otherwise, and who acts legally on behalf of another person. A fiduciary has a duty to deal "with utmost good faith and solely for the benefit" of the beneficiary. A fiduciary's obligations to the beneficiary include, among other things, a duty of loyalty, a duty to exercise reasonable care and skill, and a duty to deal impartially with beneficiaries. Fiduciary appointments may include:
Personal Representative. A personal representative administers a decedent's estate. The person may be named in the will or appointed by law when there is no will. The personal representative was formerly called the "executor."
Guardian. A guardian is appointed to assist with the medical affairs and day-to-day life of a minor or incapacitated person. The guardian makes decisions regarding housing, clothing, and food for the ward.
Conservator. A conservator is appointed to assist with the assets and financial affairs of a minor or incapacitated person.
Trustee. A trustee manages the assets in a trust.
Agent under Power of Attorney. An agent under a power of attorney is appointed to assist with decisions as set out in the Power of Attorney document.
These roles are important, and we encourage our clients to carefully choose both who will be assigned these duties and who can be an alternate if the person you choose is unable or unwilling to serve.
We are able to assist our clients with issues related to a breach of fiduciary duty, fiduciary litigation, fiduciary disputes, representation of personal representatives and other fiduciaries such as trustees, guardians, conservators, and agents.