A fiduciary relationship exists when one person in a relationship has a legal obligation associated with the management of another person’s assets or money. An accountant, for example, has a fiduciary responsibility to his or her clients. The law expects that an accountant will not purposely make poor decisions regarding a client’s assets and will work with due diligence and professional skill to protect or grow those assets as desired by the client.
If you are involved in a person’s estate, then you might be involved in a fiduciary relationship. If you have been asked to be the executor of a person’s will, then you have a fiduciary responsibility to the estate. While genuinely innocent mistakes do happen, the law expects you to make an honest attempt to use the resources at your disposal to handle the estate. That means following the estate plan and will to distribute assets as the decedent desired.