What is a fiduciary?
Florida law has many statutes discussing who constitutes a fiduciary and the requirements of the role. Essentially, a fiduciary is a person entrusted to act on behalf of another. There is a common misconception that investment advisors are the only fiduciaries. However, when considering your estate planning, it is important to note that, in addition to your investment advisors, your Trustees and Personal Representatives both have clearly outlined fiduciary responsibilities under Florida law. As such, both Trustees and Personal Representatives are liable for any damage loss resulting from a breach of these duties.
– Emily A. Helmick, Esq.