What is a fiduciary duty?

A fiduciary duty is a legal responsibility imposed on a person in a position of trust. In the field of probate law in Indiana, this means a responsibility to act in the best interests of someone else, such as a client or beneficiary. The fiduciary duty requires the person to act in the best interests of the other party instead of their own interests. Indiana judges often refer to Fiduciary Duty when determining if an Executor or Trustee has acted appropriately in the administration of an estate. They will look at whether the Executor or Trustee has acted honestly, diligently, and responsibly in their duties. This includes the care and protection of the assets of the estate, keeping accurate records, and informing beneficiaries of their rights. Additionally, an Executor or Trustee must act beyond reproach in dealings with the assets of the estate. They may not use estate assets for personal purposes or gain an advantage for themselves. They also have a duty to minimize estate taxes and provide accurate financial information. Fiduciary Duty is an important concept in probate law in Indiana. It ensures that Executors and Trustees are doing their job "right and justly" and it helps protect the assets of the estate.

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