Did you know that a fiduciary in New York has certain duties and obligations. A fiduciary includes an Executor, Administrator and Trustee. These duties and obligations include the protection of estate assets and the payment of funds to the beneficiaries.
When a fiduciary fails to act properly, he may be found to have breached a fiduciary duty. There are many different circumstances that can result in a breach of duty. For example, if an Executor uses estate funds for his own benefit, such conduct is improper. Also, if an Administrator fails to pay an estate expense on time such as taxes and the estate is charged extra interest and penalties, this situation may be found to be a breach of duty. Continue reading