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What is a fiduciary in an estate plan?

Stay with me -- the simplest definition of a Fiduciary is someone acting on behalf of another person. In an Estate Plan, this definition could be applied to an Executor who is tasked with acting on behalf of the decedent. As mentioned above, there are several different roles a Fiduciary can take on.

Who is a fiduciary in a will?

The Executor fiduciary duty to beneficiaries is to follow the terms laid out in the Last Will and Testament. By acting on behalf of the deceased, the Executor upholds a fiduciary responsibility. Read our outline of a Fiduciary vs Executor of Estate to learn more about this role. Can a Fiduciary be a Beneficiary?

Who is a fiduciary?

1. 2. 3. 4. 5. A fiduciary is an individual or company who has a legal obligation to put their clients’ best interests above their own. People who make financial, legal, or medical decisions on your behalf typically have a fiduciary duty. This is common in situations where someone is incapacitated or cannot take care of themselves.

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