What is a fiduciary appointed by the court for an estate referred to as?

Prepare for the Canon Financial Institute CFIRS Exam with flashcards and multiple choice questions. Each question comes with hints and explanations for better understanding. Get ready to excel in your exam!

In the context of estate management, a fiduciary appointed by the court to oversee the administration of an estate is referred to as an administrator. This role typically arises when the deceased did not leave a will (intestate) or when there is a need for judicial oversight in the distribution of the deceased's assets.

The administrator is responsible for gathering the estate's assets, paying debts, and ensuring that the remaining assets are distributed according to the laws of inheritance. This appointment is a legal process that grants the administrator the authority to manage the estate's affairs under the court's supervision, ensuring transparency and compliance with applicable laws.

Understanding the role of an administrator is crucial, especially in complex estate situations, as their responsibilities directly affect how the estate is ultimately settled and distributed among heirs and beneficiaries.

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