Joseph wants Margaret to handle everything when he dies. Margaret is a lawyer and has strong integrity. What would Margaret's title be once Joseph dies and she begins dealing with his affairs?

Question

Quizplus · Accepted Answer

The title of an individual that is selected to deal with the legal affairs of the dead is called a fiduciary or executor, custodian, personal representative, or administrator. The duties of the fiduciary are to exercise loyalty in making decisions concerning the estate. As a fiduciary, one is expected to act for the benefit of the estate's beneficiaries. Confidentially is implied in this duty. One is to exercise care, diligence, and prudence in handling the estate's property. This duty requires the fiduciary to act "with the skill and care that a prudent man or woman would exercise in administering his or her own affairs." Additionally the fiduciary, is to preserve and protect estate assets. Preservation can include providing adequate security for coin, stamp, art, and other types of collections. It also includes a duty to protect capital and to make investments assets productive. In dealing with investments, it is the fiduciary's conduct, rather than investment results, that I reviewed.

Joseph Wants Margaret to Handle Everything When He Dies