Suppose you have been nominated or appointed to act or serve on behalf of someone else. In that case, you likely have a fiduciary duty to that person.
Fiduciary duty is a standard of care owed by one person to another. It means serving a client’s or beneficiary’s best interests in all situations, even if those decisions are contrary to their own.
Fiduciaries have a duty to preserve good faith and trust. You often hear of fiduciary duty concerning financial managers and advisors, or you may hear it in reference to an attorney and their clients. In any case, the professional retained by the client owes a fiduciary duty to that client and is legally bound to act in the client’s best interest for the duration of their agreement or relationship.
Other lesser-known titles also carry a fiduciary duty with them, like an agent under a healthcare power of attorney, an agent under a financial power of attorney, and a trustee under a trust. These nominated fiduciaries have the same duty to act in your best interest as a hired professional. If any party fails to fulfill their legal obligations, it is considered a breach of fiduciary duty and can result in a civil lawsuit.
If you believe someone has failed to perform their fiduciary duty, contact our office.
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