Difference between revisions of "Fiduciary"
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==Full Title or Meme== | ==Full Title or Meme== | ||
A [[Fiduciary]] is someone who manages money or other property for someone else. When you're named a fiduciary and accept the role, you must – by law – manage the person's property for their benefit, not yours. | A [[Fiduciary]] is someone who manages money or other property for someone else. When you're named a fiduciary and accept the role, you must – by law – manage the person's property for their benefit, not yours. | ||
| + | |||
| + | ==Duties== | ||
| + | The five fiduciary duties are: | ||
| + | # Duty of loyalty: Fiduciaries must act in good faith and put the interests of the business or corporation first, above their own personal interests. | ||
| + | # Duty of care: Fiduciaries accept legal responsibility for the care they provide. | ||
| + | # Duty of confidentiality: Fiduciaries must keep confidential any information that could weaken the principal's bargaining position. | ||
| + | # Duty of good faith: Fiduciaries must act with honesty, good faith, and fairness when handling corporate obligations. | ||
| + | # Duty of obedience: Fiduciaries must carry out the organization's mission. | ||
==Reference== | ==Reference== | ||
[[Category: Trust]] | [[Category: Trust]] | ||
Revision as of 15:24, 13 September 2024
Full Title or Meme
A Fiduciary is someone who manages money or other property for someone else. When you're named a fiduciary and accept the role, you must – by law – manage the person's property for their benefit, not yours.
Duties
The five fiduciary duties are:
- Duty of loyalty: Fiduciaries must act in good faith and put the interests of the business or corporation first, above their own personal interests.
- Duty of care: Fiduciaries accept legal responsibility for the care they provide.
- Duty of confidentiality: Fiduciaries must keep confidential any information that could weaken the principal's bargaining position.
- Duty of good faith: Fiduciaries must act with honesty, good faith, and fairness when handling corporate obligations.
- Duty of obedience: Fiduciaries must carry out the organization's mission.
