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What Is a Fiduciary? Definition, Uses and Importance.

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A person or organization that manages property for a person, with the legal responsibility of taking care of it to make sure everything runs smoothly. They have high standards and are called upon in cases where there is no one else around capable enough to do so (e.g., conservators, guardians).

In probate,  fiduciary can be responsible for another’s general well-being (e.g., a child’s legal guardian), the role frequently concerns financial; managing another person’s or group of people’s assets, for example. Fiduciary responsibilities apply to money managers, financial advisors, bankers, insurance agents, accountants, executors, board members, and corporate officers.

Under the terms of a legally and ethically binding agreement, a fiduciary must put their clients’ interests first. Importantly, fiduciaries must avoid a conflict of interest between themselves and the principal.

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