One of the most fundamental duties of a fiduciary is the duty of loyalty. That is, every fiduciary must administer the estate or trust subject to his or her stewardship solely in the interests of the beneficiaries. If a fiduciary engages in self-dealing, that duty is breached. In Matter of Smith, the Surrogate’s Court, Albany County, recently addressed the liability attendant to fiduciary self-dealing . Ilene Cooper discusses the decision in our latest post.
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In Matter of Smith, the nominated executor of an estate sought to dispense with the testimony of one of the attesting witnesses at the SCPA 1404 stage of a probate proceeding. The court denied the motion, explaining that the statutory requirements had not been satisfied. Jaclene D’Agostino discusses the decision in our latest blog entry.
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