Conover & Grebe, llp

Call For A Personal Consultation with an Attorney Today
310-776-9028

What are the duties of a fiduciary?

If you have a responsibility for someone's estate, whether that person is still alive or has passed away, you are likely a fiduciary. A fiduciary's specific title may be power of attorney, trustee, executor, conservator or agent.

As a fiduciary, you have certain legal responsibilities. Namely, a fiduciary is required to act in the best interests of estate and/or the principal and to do so in a competent manner. Fiduciaries must generally avoid self-dealing and conflicts of interest. There are exceptions for some powers of attorney. If a fiduciary breaches any of those responsibilities, he or she may face legal repercussions.

Many people assume fiduciary duties without realizing it when asked by a family member or appointed by a court to oversee someone's estate. It's essential to understand exactly what you're taking on when you accept such a responsibility and what you are required to do to fulfill that responsibility in accordance with California law.

If you're not a financial or investment expert, but are asked to make these decisions as a trustee or power of attorney, you should seek advice from financial professionals. If you don't and you make bad decisions, you could be held liable for them by family members and other beneficiaries whose financial interests were harmed by those decisions. If you've employed competent professionals, you likely can't be responsible for their decisions.

Besides seeking financial advice, if you are asked to be an agent, it's wise to consult with a California estate planning attorney. He or she can advise you in detail about your responsibilities and help you avoid legal entanglements with angry family members down the road.

Source: Lake County News, "Estate Planning: On being a fiduciary," Dennis Fordham, April 08, 2017

No Comments

Leave a comment
Comment Information
Email Us For A Response

Get Started

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Office Location

3424 W. Carson Street
Suite 320
Torrance, CA 90503

Toll Free: 866-661-9751
Phone: 310-776-9028
Fax: 310-542-1588
Torrance Law Office Map

Anaheim Hills Office
155 N. Riverview Dr., Ste. 207
Anaheim Hills, CA 92808

Toll Free: 866-661-9751
Phone: 310-776-9028
Anaheim Hills Law Office Map