Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary? Must be a U.S. citizen Must meet a minimum age requirement as specified by state law Must be capable of analyzing a situation and making decisions Must be mentally competent as required by state law
Which of the following correctly identify the requirements for both legal and personal competence for a fiduciary?
- Must be a U.S. citizen
- Must meet a minimum age requirement as specified by state law
- Must be capable of analyzing a situation and making decisions
- Must be mentally competent as required by state law
A fiduciary is a person or entity that is entrusted with the responsibility to act in the best interests of another person or entity. Fiduciaries are legally and ethically bound to act in good faith and with utmost care, honesty, loyalty, and confidentiality when managing assets, money, or property on behalf of another person or entity.
Examples of fiduciaries include trustees who manage a trust on behalf of beneficiaries, executors who manage the estate of a deceased person, agents who manage the affairs of a principal under a power of attorney, and financial advisors who manage the investments of their clients.
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