What is a fiduciary duty?

A fiduciary duty is a legal obligation of one party to act solely in the interests of another. It is an ethical relationship between two parties that requires trust and utmost loyalty. In the context of probate law in South Carolina, a fiduciary duty is an obligation of an executor or administrator of an estate to administer the estate faithfully, with integrity and in the best interests of the estate and those who might benefit from it. These duties include preserving and protecting the estate assets, carrying out the wishes of the deceased, filing taxes, making sure debts are paid, and distributing assets to the rightful heirs or beneficiaries. A fiduciary duty in South Carolina also requires the fiduciary to keep accurate and detailed records of all estate accounts as well as to account for any assets distributed. It is important to note that a fiduciary in South Carolina is held to the highest standards of conduct and is required to act in good faith and in the best interests of those who are beneficiaries of the estate. In short, a fiduciary duty in South Carolina is an obligation to act with the highest degree of loyalty and integrity, in order to ensure the accurate and proper administration of the estate.

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