A Closer Look at The Term "Fiduciary"
March 15, 2017
What Is a Fiduciary Duty?
A fiduciary duty is the highest standard of care one can owe to another. The fiduciary relationship is one of trust and confidence. The person or institution who owes the fiduciary duty must put the person’s interests above his or her own interests. Common examples of fiduciary duty include power of attorney holders, executors in wills, and trustees of trusts.
What Is Fiduciary Litigation?
A fiduciary is someone who owes the highest duty of care to another person. In this type of litigation a fiduciary may be the person in charge of a retirement plan, a person who has been appointed power of attorney, guardian, administrator or executor of a ward or an estate. If this person puts his or her interest above those to whom s/he owes the fiduciary duty, then such conduct is actionable. For example, suppose John holds a power of attorney document to conduct the affairs of Steve. John uses the power of attorney for his own benefit. Steve has a cause of action against John for breach of fiduciary duty.
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