Which document usually outlines the fiduciary's responsibilities?

The document that typically outlines a fiduciary's responsibilities is a will or trust. These legal instruments serve to establish the duties and powers granted to a fiduciary, such as an executor or trustee, in managing and distributing an individual's assets according to their wishes after their death or during a period of incapacity.

Wills specify how an individual's estate should be administered, detailing the fiduciary's obligations in terms of managing the estate, paying off debts, and distributing assets to beneficiaries. Trusts, on the other hand, can be used to manage property during a person's lifetime and after their passing, also requiring fiduciaries to adhere to specific guidelines stipulated in the trust document.

By providing clear directives and expectations, wills and trusts ensure that fiduciaries perform their duties in alignment with the estate owner's intentions, thereby providing legal clarity and accountability.