Who can serve as a fiduciary in Arizona?

In Arizona, a fiduciary is someone who is legally entrusted to manage the affairs of another party, ensuring that the best interests of the beneficiary are upheld. The correct answer indicates that individuals or entities must be legally authorized to perform these fiduciary duties. This includes a broad range of parties, such as licensed professionals (like attorneys or financial advisors), trust companies, and other designated agents who meet the legal criteria to take on this responsibility.

This ensures that fiduciaries have the necessary knowledge and skills to competently manage the assets, make informed decisions, and act ethically on behalf of the beneficiary. The legal framework surrounding fiduciaries is designed to protect individuals who may not be able to manage their own affairs effectively due to age, incapacity, or other reasons.

The incorrect options focus on more limited definitions. For instance, restricting fiduciaries strictly to family members or government officials overlooks the variety of qualified professionals and entities that can serve these roles. Additionally, stating that anyone aged 18 or older can act as a fiduciary does not acknowledge the requisite legal authority and competencies required to fulfill this role properly. Such distinctions are crucial in understanding fiduciary responsibilities in Arizona.