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Fiduciary Duty
Last updated Sunday, April 7, 2024
It is important to understand what is meant by "fiduciary
duty" and the legalities behind it. A fiduciary duty is a duty or
responsibility to act in the best interest of someone else. The person who is
duty bound to another person, in a fiduciary relationship, is called a
fiduciary.
The fiduciary is responsible for the management and protection
of either money or property for another person or business. A board member's
fiduciary duty to the company's shareholders, or a trustee's duty to the
beneficiaries of the trust, or an attorney's fiduciary duty to their client,
are all examples of fiduciary duty in action.
In order for a fiduciary duty to be legally binding, the
agreement must be created under the law, by statute or contract, or by factual
circumstances of the relationship, such as being based on case law. A fiduciary
duty is in place when a relationship with a client calls for unique trust, or
dependability, on the fiduciary to be discrete when acting on behalf of said
client. The fiduciary is obliged to act and has the power to act on behalf of,
and for the benefit of, the client.
When there is an agreement between one person and another, in a
fiduciary relationship, it is a breach of fiduciary duty for the fiduciary to
behave in any manner that would be construed as against the best interests of
the client. This includes behavior that would benefit the fiduciary with
regards to the subject being dealt with. The fiduciary is further obliged to
act, for the client, with their fullest capability and care.
A
fiduciary is expected to behave with the highest standard of integrity and
transparency and may not, in any way, benefit personally at the client's
expense. There
are many types of fiduciary relationships, such as between employer and
employee or an accountant and a client. There are a number of
common examples of fiduciary relationships:
- An attorney
has a fiduciary duty to the client
- An
accountant has a fiduciary duty to the client
- A principal has
a fiduciary duty to the agent
- An executor
has a fiduciary duty to the heir
- A guardian
has a fiduciary duty to the ward
- A trustee
has a fiduciary duty to the beneficiary
- A corporate
officer has a fiduciary duty to the shareholder
- An employer
has a fiduciary duty to the employee
Nevada
Commercial Registered Agent
Entity # E0502742015-6
NV Business ID NV20151637034
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Revised April 7, 2024 10:24 AM
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