Written by When a loved one dies, appointing a trusted individual to settle their estate is essential. This person assumes a fiduciary role, a position of trust bound by law to act in the best interests of the beneficiaries or heirs. A fiduciary can be the executor named in a will or an administrator appointed by the court when there is no will.
A fiduciary’s duty involves the legal obligation to act with the utmost care and loyalty on behalf of another party. In probate, this role is responsible for several critical tasks in estate settlement. This includes inventorying and appraising the assets, paying off debts, and ensuring the proper distribution of the estate.
Fiduciaries are held to the “prudent person standard,” which sets a legal benchmark for their actions. This requires fiduciaries to exercise the same level of care and judgment as a reasonable person when managing their affairs.
However, when fiduciaries neglect their responsibilities, it can lead to significant problems affecting the estate and its beneficiaries. Such negligence often results in disputes and probate litigation. Recognizing and understanding the different forms of fiduciary neglect is essential for addressing issues before they escalate.
Los Angeles Probate Attorneys
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Los Angeles, CA 90071
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https://www.LosAngelesProbateAttorneys.com/
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