Glossary Archive

A fiduciary duty breach occurs when an individual or entity (the fiduciary) fails to act in the best interests of another party (the principal) in a relationship characterized by trust and reliance. This breach may arise in various contexts, including estate planning, business relationships, and trustee responsibilities. A fiduciary is typically someone who holds a...

Fiduciary Duty Mediation Fiduciary Duty Mediation is a process whereby a neutral third-party mediator assists in resolving disputes related to fiduciary duties, which are legal obligations to act in the best interest of another party. This duty often arises in contexts such as trusts, estates, corporate governance, and financial management, where one party (the fiduciary)...

A Fiduciary Income Tax Return is a specific tax form used to report income earned by a trust or estate. This return is filed by the fiduciary, who is the individual or entity responsible for managing the trust or estate's assets and ensuring that the tax obligations are met. It is filed using IRS Form...

Fiduciary Mismanagement Claim A fiduciary mismanagement claim is a legal assertion made against a fiduciary—such as an executor, trustee, or corporate officer—alleging that they have failed to act in the best interest of the beneficiaries or the entity they oversee. This claim typically arises in contexts such as estate planning, trust administration, or corporate governance,...

A Fiduciary Successor Clause is a provision found in a will or trust document that designates an alternate individual or entity to serve as a fiduciary when the initially appointed fiduciary (such as an executor or trustee) is unable or unwilling to fulfill their duties. This clause ensures the smooth continuation of fiduciary responsibilities, which...

Final Accounting A Final Accounting is a comprehensive financial report prepared by the executor or administrator of an estate at the conclusion of the probate process. This document summarizes all financial transactions that occurred during the administration of the estate, including the collection of assets, payment of debts, and distribution of remaining assets to beneficiaries....

Final Judgment Enforcement Final Judgment Enforcement refers to the legal processes and actions taken to ensure compliance with a court's final judgment or decision. A final judgment is a court ruling that resolves all issues in a case, leaving no further matters that need to be decided. Once issued, the judgment typically requires one party...

Final Offer Arbitration Final Offer Arbitration (FOA) is a dispute resolution process where parties submit their final offer on a particular issue to an arbitrator, who then must choose one of the offers without modification. This method is often used in labor disputes, contract negotiations, and other situations where parties are at an impasse. In...

Probate Probate is the legal process through which a deceased person’s estate is administered and distributed. It involves validating the deceased's will (if one exists), settling debts, and distributing remaining assets to beneficiaries. The probate process is typically overseen by a probate court and can vary significantly based on jurisdiction. When a person dies, their...

Probate Probate is the legal process through which a deceased person's estate is administered and distributed. This process involves validating the deceased's will (if one exists), identifying and inventorying the deceased's assets, paying debts and taxes, and ultimately distributing the remaining assets to the rightful heirs or beneficiaries. The probate process typically begins when a...