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Fiduciary
A person or entity that has a legal obligation to act in the best interest of another party. Fiduciaries include trustees, executors, agents under power of attorney, and corporate directors.
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Related Terms:
Executor
A person named in a will to carry out the deceased person's wishes, including distributing assets, paying debts, and managing the estate through probate. Also called a personal representative.
Trustee
A person or institution that holds and manages assets in a trust for the benefit of the beneficiaries. The trustee has a fiduciary duty to act in the best interests of the trust beneficiaries.
Disclaimer
This definition is for informational purposes only and does not constitute legal advice. Consult a licensed attorney for specific guidance.