What is the primary purpose of a fiduciary in Arizona?

The primary purpose of a fiduciary in Arizona is to manage the financial affairs of another person in a position of trust. This role is rooted in the duty of loyalty and care that a fiduciary owes to the beneficiary. A fiduciary must act in the best interests of the person they are representing, whether it's managing an estate, administering a trust, or handling finances for someone who is unable to do so themselves.

Being in a position of trust means that the fiduciary is responsible for overseeing and managing the assets and liabilities of the beneficiary, ensuring that their financial needs are met, and that all actions taken are in line with the beneficiary's best interests. This includes making prudent investments, protecting assets, and providing accurate accounting, all while adhering to applicable laws and ethical standards governing fiduciaries.

The other choices do not align with the fundamental duties of a fiduciary. Collecting debts or acting independently of the beneficiary's needs falls outside the ethical obligations of the role. Additionally, a fiduciary does not invest their own money for personal gain, as any investment or financial decision should strictly benefit the individual being represented. The fiduciary's role is defined by a strict commitment to the welfare of the beneficiary, establishing the expectations of trust and responsibility central to fiduci