What types of fiduciary roles are recognized in Arizona?

In Arizona, the role of a fiduciary encompasses a range of responsibilities and titles that include personal representatives, guardians, conservators, and trustees. This broad definition reflects the legal framework that governs the various duties and obligations fiduciaries have towards those they serve.

Personal representatives are responsible for managing a deceased person's estate, ensuring that debts are paid and remaining assets are distributed according to the will or state law. Guardians are appointed to care for minors or incapacitated individuals, making decisions regarding their welfare and financial matters. Conservators, on the other hand, are tasked with managing the financial affairs of individuals who are unable to do so themselves. Trustees are responsible for managing assets held in a trust for the benefit of the beneficiaries, adhering to the terms set out in the trust document.

This comprehensive scope demonstrates Arizona's recognition of the diverse fiduciary roles necessary to support individuals who cannot manage their own affairs due to death, incapacity, or other reasons. Each of these roles carries a legal obligation to act in the best interest of those served, thus ensuring protection and management of assets in a responsible manner.