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Fiduciary

1) n. Latin meaning "trust." Refers to a business or person who may act for another with total trust, good faith, and honesty who has the complete confidence and trust of that person. A fiduciary may include a trustee of a trust, a business adviser, attorney, guardian, estate administrator, real estate agent, banker, stockbroker, or title company. The fiduciary has more knowledge and expertise about the matters being handled and is held to a higher standard of conduct and trust than a stranger or a casual businessperson. Conflicts of interest must be avoided where the fiduciary's interests are not in the best interest of the person who trusts him/her/it. For example: a stockbroker must consider the best investment for the client and not buy or sell on the basis of what brings him/her the highest commission. The best beneficiary's best interest should be primary even if a fiduciary and beneficiary join together in a business venture. 2) adj. A relationship or situation where someone acts as a fiduciary for another.

 
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