If you are named the executor of someone's Will, you should know that you will be (upon appointment by the CT Probate Court) a fiduciary. A fiduciary is a person who serves in a position of trust for others. In the context of probate, it means that you serve in such a position for creditors of the estate and heirs.
So what are the fiduciary duties of the executor? There are 3 pretty broad categories that you should be aware of:
- Duty of Impartiality - the executor should not favor one beneficiary over another when the executor is administering the estate
- Duty of Loyalty - the executor should avoid self-dealing
- Duty of Diligence - the executor should be diligent when carrying out the administration of the estate and managing the estate during the administration process.
It is very important to take these duties seriously. If the Probate Court finds that the executor has breached one or more of these duties, it may be a costly proposition. If you have questions about how to administer an estate where you have been named the executor, contact us to set up a consultation. We can help guide you through the process. You can get our contact information on our website by clicking here.
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