When a loved one passes away and their estate enters probate, one of the most important roles is that of the fiduciary. In probate cases, a fiduciary—often the executor or personal representative—has the legal duty to manage the estate’s assets and affairs in the best interests of the heirs and beneficiaries.
If you are involved in a probate case in Tucson, Arizona, it’s essential to understand what fiduciary duties entail and how they affect the probate process.
What Is a Fiduciary Duty?
A fiduciary duty is the highest standard of care under the law. In probate, the fiduciary must always act with honesty, loyalty, and fairness, ensuring that they manage the estate responsibly and without self-interest.
In Tucson probate cases, the fiduciary could be:
- An executor named in a will
- A court-appointed personal representative
- A trustee managing assets under a trust
Key Fiduciary Duties in Arizona Probate
If you’re serving as a fiduciary in Tucson, here are the main responsibilities you must uphold:
1. Duty of Loyalty
You must always put the estate’s interests first and avoid conflicts of interest. For example, you cannot use estate assets for personal gain.
2. Duty of Care
As a fiduciary, you must handle the estate with the same level of care that a prudent person would. This includes maintaining property, safeguarding assets, and making informed financial decisions.
3. Duty to Account
Transparency is crucial. A fiduciary must provide clear records of all transactions, including income, expenses, and distributions to heirs.
4. Duty to Distribute Assets Properly
Once debts and taxes are settled, the fiduciary must ensure that beneficiaries receive their rightful inheritance according to the will or Arizona intestacy laws.
Why Understanding Fiduciary Duties Matters
Probate can be a stressful process for families, especially during an emotional time of loss. Mismanagement or misunderstanding of fiduciary duties can lead to disputes, delays, or even legal action. By understanding these responsibilities, Tucson families can navigate probate more smoothly and protect their loved one’s legacy.
Final Thoughts
Whether you’re serving as a fiduciary or working with one, knowing the responsibilities involved can make a significant difference in how probate unfolds. If you have questions about probate, inheritance, or real estate tied to an estate, having a trusted professional by your side is invaluable.
For expert real estate guidance during probate in Tucson, reach out to:
Ryan Comstock, Realtor
📞 520-261-4669
🌐 www.ryancomstock.com