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Understanding a Fiduciary Relationship with your Attorney

Understanding estate planning in regards to wills and trusts is relatively easy, yet when it comes to a more nuanced field such as Fiduciary Services, things get more complex. We’re breaking down what Fiduciary Services are, and how Sumrell Sugg can help you with your fiduciary needs.


A fiduciary is defined as “a person who acts on behalf of another person, or persons, to manage assets.” A fiduciary holds themselves to the highest ethical and legal standing as they act in favor of your best interests. The most common type of fiduciary relationship is between a trustee and a beneficiary. However, there are other forms of this relationship including the attorney-client fiduciary relationship like we have at Sumrell Sugg.


In an attorney-client fiduciary relationship, the attorney must act in complete fairness and loyalty to the client. In fact, the “U.S. Supreme Court states that the highest level of trust and confidence must exist between an attorney and his client.” If there is a breach in this agreement, the attorney is held liable to the court in which the client is represented.

Sumrell Sugg offers independent fiduciary services from experienced firm attorneys. Our attorneys can serve as personal representatives, trustees, attorneys-in-fact, and guardians. In these capacities, attorneys carry out administrative duties spelled out in various non-testamentary and testamentary instruments. They oversee the collection, management, and distribution of an individual’s assets, and file necessary documents with court officials and other agencies that have jurisdiction over fiduciaries, wills and trusts. Firm fiduciaries provide a central focal point for the coordination of other involved parties, including investment and accounting professionals.


For more information, or to schedule a consultation, contact us today by calling

(252) 633-3131. Sumrell Sugg is a progressive firm that strives to always deliver exemplary responsiveness to its clients. Whether clients are individuals, corporations, or local governments and municipalities, the firm delivers on an undeviating promise of service.


source: investopedia

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