Orlando Fiduciary Duties Lawyer
In general terms, a fiduciary is a person who has a duty to act for another’s benefit. As it relates to probate and estate administration, a fiduciary holds a position of trust involving the handling of the property of another.
If you are a personal representative of an estate or trustee of a trust, you have fiduciary duty to the decedent and the estate or trust’s beneficiaries. This is an enormous responsibility. You can work with a lawyer, however, to make the process easier. The law offices of Frank G. Finkbeiner Attorney at Law provides probate and estate administration throughout Florida.
We Can Guide You Through Your Duties And Responsibilities
In Florida, a personal representative has fiduciary responsibility to observe the standards of care applicable to trustees. They are required to administer estates and trusts in good faith, in accordance with the terms of the documents, according to Florida law, and in the interests of the beneficiaries and creditors, when applicable.
A fiduciary’s duties for the administration of a decedent’s estate include:
- Administer solely in the interests of the beneficiaries and not take actions with the potential to create a conflict of interest between fiduciaries and their duties to the beneficiaries
- Act impartially in administering property if there are two or more beneficiaries
- Administer prudently, using reasonable care, skill and caution, and considering the purpose, terms, distribution requirements and other circumstances of the estate or trust
- Keep beneficiaries informed of the administration and provide a formal accounting for the assets
The fiduciary has the responsibility for filing all necessary documents for the administration of the estate in probate court. Fiduciaries must sign the following documents: inventory, accountings, petition for sale or confirmation of sale or encumbrance of real or personal property, petition to continue business of decedent, petition to compromise or settle claims, petition to purchase on credit, petition for distribution and discharge, and resignation of personal representative.