What is the legal document that appoints a fiduciary called?

The legal document that appoints a fiduciary is referred to as a will, trust, or court order. This is because each of these documents plays a crucial role in formally designating an individual or entity to act on behalf of another person or to manage assets.

A will can name an executor who will administer the estate, ensuring that the decedent's wishes are carried out regarding the distribution of their assets. Similarly, a trust is a legal arrangement where a trustee is appointed to manage assets for the benefit of beneficiaries, thereby establishing a fiduciary relationship. Lastly, a court order can be issued in situations where a fiduciary must be appointed to manage a person's affairs, such as in cases of incapacity. The courts will designate a guardian or conservator who has the fiduciary duty to act in the best interest of the individual.

In contrast, a contract typically outlines a mutual agreement between parties but does not inherently appoint a fiduciary. An affidavit serves as a sworn statement but does not fulfill the function of designating someone in a fiduciary role. A declaration of intent expresses a person's wishes or plans but lacks the legal authority characteristic of the documents that appoint fiduciaries. Thus, the documents that can legally establish a fiduciary relationship are correctly