If a person is named as an executor or trustee of an estate, that person is considered a fiduciary. As a fiduciary, they are required to act in the best interest of the estate.
If a fiduciary does not act solely in the best interest of the estate, they can be sued for breach of fiduciary duty by the beneficiaries of that estate.
Examples of breach of fiduciary duty include:
- Mismanaging funds
- Putting personal interests before the interests of the beneficiaries
- Not properly distributing assets
- Not distributing assets in a timely manner
- Being a detriment to the estate
An attorney can assist a fiduciary to ensure they are not held liable. We recommend speaking with a qualified probate or estate planning attorney before acting as a fiduciary.