A will is a legal document that provides instructions. Usually, these instructions relate to how the testator’s assets will be distributed upon their death. However, instructions may also include things like who will look after minor children.
The person tasked with ensuring that the testator’s instructions are carried out is called the executor. They have what is known as fiduciary duties.
What are the fiduciary duties of an executor?
The duty of loyalty
Executors have four key fiduciary duties, and the first of these is the duty of loyalty. They must put the wishes of the testator and rights of beneficiaries ahead of their own. When an executor acts in their own best interests, this is called self-dealing, and it is a breach of fiduciary duty.
To act in good faith
The second duty is the duty of good faith. Essentially, this means to act with honesty and integrity. While errors can occur in estate planning, these must not amount to deliberate malfeasance or recklessness.
The duty of care
The executor owes beneficiaries a legal duty of care. Every decision they make must be in the best interests of the beneficiaries. They must not take unnecessary risks that place the beneficiaries’ rights in jeopardy and they must be diligent at all times.
The duty to follow instructions
Finally, the executor must be able and willing to follow precise instructions. Not only does this include instructions in the will, but also legally binding orders from the probate court.
Being an executor is a huge responsibility. If you suspect that the executor has breached their fiduciary duties, then a legal challenge can be made. Seeking further guidance will help to arm you with more information.
