Duties of a Fiduciary in Texas
- Ensure that all transactions are fair and equitable to the beneficiary.
- Make reasonable use of any confidence the beneficiary places in him.
- Act in the utmost good faith and exercise the most scrupulous honesty toward the beneficiary.
- Place the interest of the beneficiary before his own and not use his position to benefit himself at the expense of the beneficiary.
- Fully and fairly disclose important information to the beneficiary.
The following are fiduciaries:
Executor or Administrator of Estate
Trustee of Trust
If you don’t feel that a fiduciary who controls your money or property is looking out “only” for your interest, there may be a problem.
A fiduciary may incur great liabilities if he is not looking out “only” for the interest of the beneficiary.
It's Your Property
Remember a fiduciary whether it is someone who has a power of attorney, is an executor or administrator in probate, or is a trustee they are just managing “your” property.
A trustee is a fiduciary and owes the utmost duty.
Executors & Administrators
Executors and Administrators are fdiduciaries.
Power of Attorney
A person with a power of attorney is a fiduciary.