individual or institution responsible for holding or administering property owned by another. An executor, guardian, trustee, and administrator are examples of a fiduciary. The Prudent Man Rule is one way states ensure that fiduciaries invest responsibly.
person or legal entity that administers investments for the benefit of others. A fiduciary is legally obligated to safeguard assets in trust in the best interests of those for whom it acts. State law, the Uniform Fiduciaries Act, controls what fiduciaries can or cannot do with entrusted assets.
person, company, or association holding assets in trust for a beneficiary. The fiduciary is charged with the responsibility of investing the money wisely for the beneficiary's benefit. Some examples of fiduciaries are executors of wills and estates, receivers in bankruptcy, trustees, and those who administer the assets of underage or incompetent beneficiaries.
person, company, or association holding assets in trust for a beneficiary. The fiduciary is charged with the responsibility of investing the money wisely for the beneficiary's benefit. Some examples of fiduciaries are executors of wills and estates, receivers in bankruptcy, trustees, and those who administer the assets of underage or incompetent beneficiaries. Most U.S. states have laws about what a fiduciary may or may not do with a beneficiary's assets. For instance, it is illegal for fiduciaries to invest or misappropriate the money for their personal gain.
holding of property, or otherwise acting on behalf of another in trust. The fiduciary must exercise due care in safeguarding property left under personal care, custody, and control. Insurance coverage is available for this exposure.
one who acts, in a legal role, in the best interests of others.
Examples:
- A broker is a fiduciary for the seller.
- A banker is a fiduciary for the bank's depositors.
- An attorney may be a fiduciary for the client.
- A trustee is a fiduciary for the beneficiaries.
