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November 2018 Archives

What is a breach of fiduciary duty?

If someone has named you in a Last Will and Testament as the executor of his or her Minnesota estate, this means that you are the one whose duty it is to take the estate through probate after the person dies. As the executor, you will have many duties, all of which are fiduciary in nature. What this means is that you are the person the testator trusted enough to place his or estate into your hands for the purpose of collecting, managing, accounting for and ultimately distributing its assets to the heirs and beneficiaries as specified in the will. In other words, in all that you do, you have a fiduciary duty to the heirs and beneficiaries to keep their interests foremost and above your own.

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