What are the duties of a fiduciary?

Duties of fiduciaries

Learn how to Make a Trustee Reveal the Trust Assets and his Actions.

Learn how to demand an accounting from a trustee.A fiduciary has an affirmative duty to make a full and accurate disclosure of all material facts that might affect the beneficiary’s rights. The trust accounting is the primary way that the beneficiary obtains information that will allow him to protect his rights. The accounting should be in a form that is clear and understandable and allows the beneficiary to get a complete picture of the administration of the trust.

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Does a Trustee Have to Make an Accounting?

Does a trustee have to disclose what he is doing or make an accounting in Texas?Trustee Accounting

One of the primary duties of a trustee is to keep full, accurate and orderly records concerning the status of the trust estate and all acts performed by him. He is charged with maintaining an accurate account of all the transactions relating to the trust property. Some states require a formal written accounting by the trustee on an annual basis, but Texas does not. Texas does have a provision that beneficiary or "interested person" can demand that the trustee give a written accounting of the trust.

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Learn About Fiduciary Duty in Texas

Learn About Fiduciary Duty in TexasFiduciary responsibility in Texas - Fiduciary is a general term. A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence. It includes executors, administrators, holders of powers of attorney and others who have custody and control of the property or affairs of others or in whom someone has placed trust and confidence. A fiduciary duty is the most exacting civil duty recognized by law. The fiduciary owes the beneficiaries the duties of loyalty and good faith, integrity of the strictest kind, fair, honest dealing and the duty not to conceal matters which might influence his actions to his principal's prejudice.

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Robert Ray is Board Certified

Robert Ray is the Editor and owner of this site. Board Certified, Personal Injury Trial Law — Texas Board of Legal Specialization.

We handle cases throughout Texas. Our principal office is in Tyler, Texas.

Robert Ray, Texas inheritance attorney.Click here to email us or to go to the contact form if you want to contact us about a Texas inheritance dispute.

Robert Ray is Board Certified

Robert Ray is the Editor and owner of this site. Board Certified, Personal Injury Trial Law — Texas Board of Legal Specialization.

We handle cases throughout Texas. Our principal office is in Tyler, Texas.

Robert Ray, Texas inheritance attorney.Click here to email us or to go to the contact form if you want to contact us about a Texas inheritance dispute.

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