What are the three categories of Fiduciary Duties?

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What are the three categories of Fiduciary Duties?

These involve executors and trustees when managing and distributing a deceased person’s assets. The three key duties cover:

  • Care: a breach may occur if the assets are not managed both according to the estate documents and relevant law
  • Impartiality: a breach could take place if a representative favors one beneficiary over another, thus failing to demonstrate that they have acted as a neutral party
  • Loyalty: a breach can occur when an executor or trustee acts in their own best interest, instead of that of the beneficiaries

Examples of such breaches could involve the showing of favoritism or by making risky investments. If you feel such acts might have occurred, it makes sense to discuss this with an experienced estate planning attorney here at Meurer Law Offices.

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