In financial and estate planning, the term “fiduciary” refers to someone who manages money or property for another person. A fiduciary is legally obligated to prioritize the client’s interests above their own. While fiduciary relationships can arise between family members or friends, they are more commonly seen when working with professionals in finance or law. Understanding these relationships is essential for protecting your financial and legal interests. 

A fiduciary has two primary responsibilities: a duty of care and a duty of loyalty. The duty of care requires fiduciaries to make informed decisions about financial plans, often involving consulting experts, maintaining accurate records, and following industry best practices. The duty of loyalty ensures that the fiduciary must act without any conflict of interest, meaning they cannot prioritize their personal interests over those of the client. 

Trustees and guardians of minor children also have fiduciary responsibilities, ensuring that they act in the best interest of the beneficiaries. When setting up care for your children after your passing, it’s important to choose a trustee who will honor their fiduciary duty. Discussing your estate planning needs with us can provide peace of mind knowing your interests are well-protected. Contact us today for a free consultation to ensure your plans are in trusted hands.