Do executors have fiduciary duties?
The executor of a will has a fiduciary duty to act in the best interest of the estate. This means that the law prevents you from acting in your own interest to the detriment of the estate.
Is self dealing a breach of fiduciary duty?
What is a breach of fiduciary duty self dealing? Self dealing is a type of breach of fiduciary duty. When you claim that a trustee has engaged in self dealing, you are claiming that he has breached his fiduciary duty to the trust’s beneficiaries.
Who is the executor of my mother’s estate?
Ask a lawyer – it’s free! Currently, as long as the property was your mother’s, her estate owns the property, not you. As executor, you are the one with the authority to make all of the decisions with regard to the property, but you do owe a fiduciary duty to the heirs (presumably, to you and to your sister)to maximize its value.
What to do if siblings are named as fiduciaries?
If siblings are named as fiduciaries, they need to formally decline the appointment. This step should only be taken if the siblings agree on the appointment of the person who will act as fiduciary—whether this is another person in the family, an attorney, CPA, or a bank’s trust department—and if the estate can afford the payment for this service.
What is the fiduciary duty of an executor?
Your fiduciary duty requires you to treat the estate’s assets as if they were your own and to take good care that the beneficiaries receive the portion of the estate indicated in the will. Parting with assets for less than what they’re worth — for instance, my offering them at a discount to friends — is in direct opposition to that duty.
Can a family member steal money from an inheritance?
You might assume that your will or estate plan ensures that your money will go to your intended heirs. But inheritance theft is an insidious and underreported problem that can cost families dearly. And since inheritance thieves are usually family members, the fallout often is not only about money, but also family ties.
Who is required to be a fiduciary in an estate?
Known as a fiduciary, the trustee is someone who is legally bound to represent the individual in making decisions regarding the estate and to oversee matters in that individual’s place. This is a legal obligation for anyone appointed trustee of an estate.
Who are personal representatives and who are fiduciaries?
“Fiduciary” – An individual or trust company that acts for the benefit of another. Trustees, executors, administrators and other types of personal representatives are all fiduciaries.
Can a breach of fiduciary duty be proven?
It can be hard to prove abuse of trust, but you can learn how to recognize a breach of fiduciary duty by a trustee with our guide below. Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law.
You might assume that your will or estate plan ensures that your money will go to your intended heirs. But inheritance theft is an insidious and underreported problem that can cost families dearly. And since inheritance thieves are usually family members, the fallout often is not only about money, but also family ties.