Estate planning may require the use of a fiduciary to handle certain financial affairs. Fiduciaries owe a duty to act in good faith and in the best interest of the estate. If a fiduciary fails to comply with their duties, then actions can be taken to protect the estate. A Bucks County estate planning attorney can help ensure that fiduciaries comply with their duties and follow the proper procedures.
What is a fiduciary?
In the context of an estate, a fiduciary is an individual or entity that is appointed to manage an estate. Some examples may include a trustee, personal representative, conservator, and power of attorney. There are strict laws that govern actions of fiduciaries. These laws are intended to protect those persons who are the intended as beneficiaries.
What are some duties of a fiduciary?
A fiduciary has a general duty to act in good faith and in the best interest of the estate. The estate documents may also set forth specific duties for the fiduciary to follow. In general, a fiduciary is obligated to provide periodic accountings and other information to keep persons informed about estate activities. A fiduciary may be obligated to make sound decisions to maximize the value of the estate.
A Bucks County estate planning lawyer can assess a situation to determine what duties a fiduciary has. This can be a benefit for persons designated as fiduciaries or for beneficiaries of an estate. A lawyer can help all interested parties know what is expected.
Why use an attorney?
If there are questions related to a fiduciary relationship, then a lawyer can assist. If a fiduciary is not complying with their duties, then a lawyer can help pursue legal remedies to address the situation.
Estate planning lawyer in Bucks County from the Olen Law Office can help answer your fiduciary questions. Contact us to learn more.