What is a Fiduciary?

Simply answered, a fiduciary is one who acts on behalf of another. Trustees are fiduciaries and are held to a high standard of care as it relates to performing the duties of the trustee. Trustees are accountable to the beneficiaries and in some instances, the court and are expected to act prudently, at all times, in the best interest of the beneficiaries.  Should you fail to perform your duties and responsibilities, there is a risk of personal liability. This is why it is important to know the trust agreement and your duties and responsibilities.