What is the term for the legal responsibility of an executor to manage the estate?

The correct term for the legal responsibility of an executor to manage the estate is fiduciary duty. This term encapsulates the essential legal obligation that an executor has to act in the best interest of the estate and its beneficiaries. A fiduciary duty requires the executor to administer the estate with care, loyalty, and good faith. It emphasizes the importance of prioritizing the beneficiaries' interests, avoiding conflicts of interest, and managing assets prudently.

Understanding fiduciary duty is crucial, as it highlights the high standard of conduct required from someone in a position of trust. Executors are expected to handle the estate's assets appropriately, ensure that debts are paid, and distribute any remaining assets according to the will's provisions.

The other terms do not accurately describe the executor's responsibilities. For instance, "trustee obligation" typically refers to the duties of a trustee managing a trust, which while similar in some respects, is distinctly different from the role and responsibilities of an executor. "Legal mandate" is more general and does not convey the nuanced obligations imposed on an executor. "Probate responsibility" also refers to the process associated with validating a will and managing the estate but lacks the specificity of the legally binding nature of fiduciary duty.