The Essential Executor's Handbook: A Quick and Handy Resource for Dealing With Wills, Trusts, Benefits, and Probate

Chapter 3

You: The Fiduciary

A fiduciary is anyone who undertakes a legal duty to act for another. This may be done by court decree (e.g., an executor) or it may be done by agreement (e.g., a trust agreement) or it may be accomplished merely by your consent to a nomination under a document such as a Power of Attorney or a Living Will. The fiduciary may be a natural person (i.e., 46 chromosomes) or corporate (e.g., a bank). But regardless of how you became a fiduciary, you must understand that it is a duty that should never be taken lightly as it requires that your every action be done with extreme care. In fact, you will be held to one of the highest standards of care the law can demand—if not the highest. As a result, you are exposed to extreme ...