16:09
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LSDefine
Simple English definitions for legal terms
dilatory fiduciary
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A quick definition of dilatory fiduciary:
A fiduciary is someone who is responsible for taking care of someone else's money or property. They have to be honest and trustworthy and always act in the best interest of the person they are taking care of. A dilatory fiduciary is someone who is taking too long to do their job and is not doing it as quickly as they should be. There are also other types of fiduciaries, like temporary ones who are only in charge for a short time, and successor fiduciaries who take over for someone else.
A more thorough explanation:
Definition: A dilatory fiduciary is a trustee or other fiduciary who is unreasonably slow in administering an estate.
Explanation: A fiduciary is a person who is required to act for the benefit of another person on all matters within the scope of their relationship. They owe the duties of good faith, trust, confidence, and candor to the other person. A dilatory fiduciary is someone who is appointed to manage an estate but is taking an unreasonable amount of time to do so.
Example: For example, if a person dies and leaves behind a will, the executor of the will is the fiduciary who is responsible for administering the estate. If the executor is taking an unreasonably long time to distribute the assets to the beneficiaries, they can be considered a dilatory fiduciary.
Additional Example: Another example of a dilatory fiduciary could be a trustee who is appointed to manage a trust but is taking an unreasonable amount of time to make distributions to the beneficiaries.