When a loved one passes away and their estate enters probate, the role of the fiduciary becomes central to the process. This person—often an executor or court-appointed personal representative—has the legal obligation to manage the estate in a way that serves the best interests of heirs and beneficiaries.
For families in Oro Valley, Arizona, understanding fiduciary duties can make probate less overwhelming and ensure that the estate is handled correctly.
What Are Fiduciary Duties?
A fiduciary duty is the highest standard of responsibility under Arizona law. In probate, it means that the fiduciary must always act with honesty, fairness, and loyalty while managing the estate’s affairs.
In Oro Valley probate cases, a fiduciary may be:
- An executor named in the will
- A court-appointed personal representative
- A trustee managing assets under a trust
The Main Fiduciary Duties in Arizona Probate
If you are serving as a fiduciary in Oro Valley, here are the primary obligations you must follow:
1. Duty of Loyalty
Always act in the best interest of the estate, avoiding conflicts of interest or self-dealing.
2. Duty of Care
Take care of the estate’s assets as a prudent person would. This includes safeguarding property, handling finances responsibly, and making informed decisions.
3. Duty to Account
Provide full transparency. A fiduciary must keep detailed records of income, expenses, and distributions to beneficiaries.
4. Duty to Distribute Assets
After settling debts and taxes, the fiduciary must ensure that the rightful heirs and beneficiaries receive their inheritance as directed by the will or Arizona law.
Why This Is Important for Oro Valley Families
Probate can already feel stressful during a time of loss. If fiduciary duties are not carried out correctly, it may cause delays, family disputes, or even legal issues. Having a clear understanding of these responsibilities helps families in Oro Valley navigate probate with confidence.
Final Thoughts
Serving as a fiduciary is a serious responsibility, but knowing what the role entails helps protect the estate and preserve your loved one’s legacy.
If probate involves real estate in Oro Valley, having an experienced local professional is invaluable.
Ryan Comstock, Realtor
📞 520-261-4669
🌐 www.ryancomstock.com