What is Fiduciary Duty?
The legal responsibility of an individual to act in the best interests of another party while maintaining good faith and acting responsibly in legal decisions and during the management of property and financial assets.
The legal obligation of an individual, such as an executor or trustee, to act in the best interests of another party, typically the beneficiaries of an estate or trust. This duty requires the fiduciary to manage assets prudently, avoid conflicts of interest, and provide full disclosure regarding financial matters. Breaches of fiduciary duty can lead to legal consequences, including lawsuits or removal from the fiduciary role, underscoring the importance of trustworthiness and integrity in these positions.
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Insights and advice on trust and probate estate litigation from our blog.
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