A fiduciary is a person who has be trusted to handle the financial interests of another person. A fiduciary can be the guardian of a trust or an estate, such as an executor. Fiduciaries have a legal obligation to protect the assets or funds of the individual or estate they represent in fiduciary accounts until such time as the court closes the estate or the estate is liquidated through the probate process and distribution of property to all heirs. Until such time occurs the fiduciary is responsible for the administration of the assets in regards to paying debts and collecting monies owed to the estate. The fiduciary is bound by law not to benefit in any manner from the assets they are overseeing, specifically to avoid any conflicts of interest that would result in benefits for themselves.