Frequently Asked Questions > Independent Executors > I was told that I have “fiduciary duties” to the beneficiaries. What is a fiduciary duty and what does that mean for me?
A fiduciary is a person having a legal duty to act primarily for the benefit of another. When you are acting as independent executor, you are acting primarily for the beneficiaries of the estate, and you have legal, fiduciary duties to act for their benefit in managing and administering the estate. The law requires a high standard of ethical and moral conduct of fiduciaries. There are many specific duties, some of what are imposed by statute, some by case law and some by the will itself. It is important that you understand these duties. Ask your attorney to explain the duties applicable to you.
Last updated on January 6, 2011 by Glenn Karisch