Fiduciary
Fiduciary is a term that refers to a person or organization that holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person.
Duties and Responsibilities
A fiduciary's responsibilities or duties are both ethical and legal. When a party knowingly accepts the fiduciary duty on behalf of another party, they are required to act in the best interest of the party whose assets they are managing. The fiduciary is expected to manage the assets for the benefit of the other person rather than for his or her own profit, and cannot benefit personally from their management of assets.
Types of Fiduciaries
There are several types of fiduciaries, including:
- Trustee: A person who holds title to property for the benefit of others.
- Executor: A person named in a will to administer the estate of the deceased.
- Administrator: A person appointed by the court to administer the estate of a deceased person who left no will.
- Conservator: A person appointed by a court to manage the property of an incapacitated person.
- Guardian: A person lawfully invested with the power, and charged with the duty, of taking care of a person who, because of age, intellect, or health, is incapable of managing his/her own affairs.
Fiduciary in Different Contexts
The term fiduciary is used in many different contexts, such as:
- Estate Planning: In estate planning, a fiduciary is a person who is named to take care of assets on behalf of beneficiaries.
- Finance: In finance, a fiduciary manages investments on behalf of investors.
- Law: In law, a fiduciary duty is the highest standard of care.
See Also
References
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