Probate Glossary
Fiduciary Duty
The legal obligation to act responsibly for the estate and interested parties.
Definition
Fiduciary duty is the obligation to act carefully, honestly, and in the best interests of the estate and its beneficiaries or heirs. It includes keeping records, avoiding conflicts, preserving assets, and following court requirements.
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Frequently Asked Questions
What is a fiduciary duty in probate?
A fiduciary duty is the obligation to act carefully, honestly, and in the best interests of the estate and interested parties. It includes preserving assets, keeping records, avoiding conflicts, and following court requirements.
Can an Executor or Personal Representative pay themselves?
Executors or Personal Representatives may be entitled to reasonable compensation depending on state law, the will, court approval, and the work performed. They should keep clear records and avoid paying themselves improperly.
Can an Executor be personally liable?
An Executor or Personal Representative can face liability for serious mistakes, missed duties, poor recordkeeping, conflicts of interest, improper distributions, or failure to follow court requirements.
Should an Executor keep receipts?
Yes. Receipts and supporting records help explain estate expenses, reimbursements, payments, and distributions. Good records make attorney review, beneficiary questions, and court reporting easier.
What if beneficiaries disagree with the Executor?
Beneficiaries may raise questions, request information, object to accountings, or ask the probate court to review certain actions. The best first step is often better documentation and clear communication.
Can a Personal Representative use estate money?
A Personal Representative may use estate money for proper estate purposes, such as valid expenses, taxes, maintenance, creditor payments, and administration costs. Personal use or undocumented spending can create serious problems.