Perform additional legal research about what it means to be a fiduciary. Write a short essay in which you define the term fiduciary and fully discuss the powers and duties associated with being a fiduciary. Be sure to cite your sources
What will be an ideal response?
Fiduciaries are held to a high moral and legal standard and must always act in the best interest of those whom they are appointed to serve. Fiduciary duties include the duties of loyalty, disclosure, accounting, obedience, and more. Fiduciaries are entrusted with the assets and property of others and must be organized, intelligent, honest, and loyal. Fiduciaries must be capable of engaging in business transactions such as making contracts and selling assets.
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An adjudication on the merits leaves issues that can be brought up at trial.
Answer the following statement true (T) or false (F)
In a net listing, the compensation is set at an amount unrelated to the sale price
A. True B. False
Which form is used to obtain a tax identification number for the estate?
a. Form 56, Notice Concerning Fiduciary Relationship. b. Form 4768, Application for Extension of Time to File U.S. Estate Tax Return c. U.S. Treasury Form 706, U.S. Estate (and Generation-Skipping Transfer) Tax Return d. Form SS-4, Application for an Employer Identification Number
Why would a defendant want to discount a plaintiff's award to its present value?
What will be an ideal response?