A fiduciary’s responsibility is to provide the “highest standard of care”. They are given the power to act on behalf of another. This power requires a relationship that has honesty, trust, and loyalty. An article from The Balance, “Fiduciaries and Their Role in Your Estate”, lists out the various roles a fiduciary can fill.
A fiduciary acting as your personal representative or executor is in charge of settling your estate, after you pass, in compliance with the directives you have set out in your estate plan. You are able to appoint one or more fiduciaries, and you are not limited to appointing individuals, they can also be institutions. As your personal representative or executor, the fiduciary(s) is accountable for gathering your assets, settling remaining debts and tax obligations, and then distributing what remains in your estate to the beneficiaries. Not only is your fiduciary in this case responsible for carrying out your final wishes, by they also have a responsibility to your beneficiaries.