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Simple English definitions for legal terms
successor fiduciary
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A quick definition of successor fiduciary:
Successor Fiduciary: A person who is appointed to take over the responsibilities of another person who was previously in charge of managing someone else's money or property. This new person is also required to act in the best interest of the person they are managing the money or property for, just like the previous person was supposed to do. Sometimes, a temporary person is appointed until a permanent successor fiduciary can be found.
A more thorough explanation:
Definition: A successor fiduciary is a person who is appointed to replace or succeed a previous fiduciary. A fiduciary is someone who is legally required to act in the best interest of another person and owes them duties of good faith, trust, confidence, and candor. For example, a trustee who manages a trust for the benefit of the beneficiaries is a fiduciary.
Examples: If a trustee resigns or is removed from their position, a successor fiduciary may be appointed to take over their duties. Similarly, if an executor of a will passes away before completing their duties, a successor fiduciary may be appointed to finish administering the estate.
These examples illustrate how a successor fiduciary is appointed to take over the responsibilities of a previous fiduciary. The successor fiduciary is expected to act in the same manner as the previous fiduciary, in the best interest of the beneficiaries or estate.