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Provide notification to the IRS of the creation or termination of a fiduciary relationship under section 6903. One of the trickiest situations is when a director wants to resign over concerns about company wrongdoings.Even in normal times, deciding to resign from your role as an independent director can be a tough decision, but it can usually be done. Trustees, executors, and personal representatives are all fiduciaries. In some rare cases, however, the act of resigning may be a breach of your fiduciary duty or at least open you up to such an accusation. How Do I Complete VA Form 21P-4706b, Federal Fiduciary's Account? However, resigning fiduciary responsibility is not always as simple as giving written notice. He or she must petition the Surrogate's Court for permission to resign. Courts may take whatever action is appropriate against fiduciaries who breach their duties under ERISA including their removal. Web Pages on This Topic.