Arizona Laws 14-1104. Prudent management of costs
In a proceeding brought pursuant to this title:
Terms Used In Arizona Laws 14-1104
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means the superior court. See Arizona Laws 14-1201
- Decedent: A deceased person.
- Estate: includes the property of the decedent, trust or other person whose affairs are subject to this title as originally constituted and as it exists from time to time during administration. See Arizona Laws 14-1201
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes a personal representative, guardian, conservator and trustee. See Arizona Laws 14-1201
- Governing instrument: means a deed, will, trust, insurance or annuity policy, account with pay on death designation, security registered in beneficiary form, pension, profit sharing, retirement or similar benefit plan, instrument creating or exercising a power of appointment or power of attorney or supported decision-making agreement or a dispositive, appointive or nominative instrument of any similar type. See Arizona Laws 14-1201
- Person: means an individual or an organization. See Arizona Laws 14-1201
- Proceeding: includes action at law and suit in equity. See Arizona Laws 14-1201
- Protected person: means a minor or any other person for whom a conservator has been appointed or any other protective order has been made. See Arizona Laws 14-5101
- Trust: includes an express trust, private or charitable, with any additions, wherever and however created. See Arizona Laws 14-1201
- Ward: means a person for whom a guardian has been appointed. See Arizona Laws 14-5101
1. The fiduciary must prudently manage costs, preserve the assets of the ward or protected person for the benefit of the ward or protected person and protect against incurring any costs that exceed probable benefits to the ward, protected person, decedent‘s estate or trust, except as otherwise directed by a governing instrument or court order.
2. A guardian ad litem, fiduciary, fiduciary’s attorney and attorney for the ward or protected person have a duty to:
(a) Act in the best interest of the ward or protected person.
(b) Avoid engaging in excessive or unproductive activities.
(c) Affirmatively assess the financial cost of pursuing any action compared to the reasonably expected benefit to the ward or protected person.
3. Market rates for goods and services are a proper, ongoing consideration for the fiduciary and the court during the initial court appointment of a fiduciary or attorney and relating to a request to substitute a court-appointed fiduciary or attorney.