Fiduciary

A person with a duty to act for another person’s benefit and who assumes a duty to act in good faith and with care, candor and loyalty in fulfilling this obligation of trust. A fiduciary relationship encompasses the elements of faith and confidence and is generally established only when the confidence given by one person is actually accepted by the other person. Mere respect for another individual’s judgment or general trust in his or her character is ordinarily insufficient for the creation of a fiduciary relationship. The duties of a fiduciary include loyalty and reasonable care of the assets within custody. All of the fiduciary’s actions are performed for the advantage of the beneficiary.