What is a fiduciary duty?

A fiduciary duty is a legal obligation that someone has to act in the best interests of another person. In the state of Washington, this is especially important when it comes to probate law. This is because in probate, a personal representative is often appointed to administer the last will and testament of a deceased person. This personal representative is obligated to manage the estate’s assets responsibly, carry out the wishes of the deceased, and ensure that creditors, heirs, and beneficiaries of the estate are treated fairly and equitably. Under Washington probate law, a personal representative must comply with fiduciary duties. This includes a duty of loyalty, meaning that the personal representative must always act in the best interest of the estate, not their own. The personal representative must also abide by a duty of care, meaning that they must act with the same level of care and diligence that a reasonable person would in the same or similar situation. In Washington, it is important for a personal representative to understand their fiduciary duties in order to avoid any legal issues. Failing to uphold and abide by these fiduciary duties could result in serious consequences, such as personal liability, removal from the role, and even monetary fines.

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