What is a fiduciary duty?

Fiduciary duty is a legal term used in Probate Law in Minnesota. It defines the obligations of a fiduciary, or trustee, to the person they are administrating the estate for. A fiduciary is a person who is trusted to manage property or money on behalf of someone else. They owe a duty of care to manage the property or money for the benefit of the person they are administrating for. In Probate Law in Minnesota, a fiduciary duty requires the fiduciary to act loyally, faithfully, and in good faith in managing the estate. This means that whatever decisions a fiduciary makes must be in the best interests of the person they are administrating for. They must also avoid any conflicts of interest that may arise from the situation. In addition to acting in the best interest of the person they are administrating for, the fiduciary must also manage the estate with prudence and diligence. This means that they must carefully consider any and all decisions that they make about the estate. They must also not use the property for their own benefit or the benefit of anyone else, and they must not engage in any risky investments without the permission of the person they are administrating for. The fiduciary duty must be taken seriously, as a violation of it can result in legal action taken against the fiduciary. It is important to understand what a fiduciary duty is in order to fully understand Probate Law in Minnesota.

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What is a fiduciary duty?

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