What is a fiduciary and fiduciary duty?

A fiduciary is a person or entity with a legal and ethical obligation to act in the best interests of another party or in the case of probate, the estate. This obligation is known as a fiduciary duty, and it requires the fiduciary to put the interests of the other party/estate ahead of their own.

If you have been named a fiduciary, you now must act on behalf of another person and in their best interest.

Not only are you expected to carry out these duties, you are expected to carry them out with the highest level of integrity possible. You must be careful not to create conflicts of interest and maximize the benefit to the person you’re acting on behalf of as much as possible. Fiduciary duty can get tricky if these responsibilities directly conflict with your interests or beliefs.