Which of the following is included as an example of fiduciary included in the definition?

• A. An administrator or guardian to whom letters have been issued
• B. An heir
• C. A creditor
• D. A beneficiary

Answer: (A)

Understanding who qualifies as a fiduciary in Surrogate’s Court is about who is entrusted by the court to manage someone else’s assets or interests. An administrator or guardian to whom letters have been issued is a fiduciary because the court has officially authorized them to administer an estate or protect a ward’s property, creating a fiduciary duty to act in the beneficiary’s best interests. Heirs and beneficiaries are recipients of assets, not managers of those assets, so they aren’t fiduciaries. Creditors are owed money and do not hold assets in a fiduciary capacity. Therefore, the example that fits the definition is the administrator or guardian with letters.