A: A fiduciary is a person or entity who is trusted to act on behalf of others, and who has a legal responsibility to act in the best interest of the beneficiaries. This includes managing finances, making decisions, and carefully overseeing responsibilities with honesty and integrity.
Fiduciary roles are common in estate planning and can include trustees, executors, guardians, conservators and attorneys. They can be chosen by an individual or can be court-appointed. When choosing a fiduciary, it’s important to choose someone who you and your beneficiaries trust. Fiduciaries can be close relatives, friends, or even professionals.
