Fiduciary
A person or institution that has a legal obligation to act in the best interest of another person. Executors, trustees, guardians, and agents under a power of attorney are all fiduciaries.
Legal Definition
A person or entity that owes duties of loyalty, good faith, and fair dealing to another, arising from a relationship of trust and confidence, including but not limited to trustees, executors, agents, guardians, and conservators.
Practical Example
As fiduciary of her mother's trust, Jennifer must invest the trust money prudently and for her mother's benefit, not her own. She cannot use trust funds to buy herself a car or make risky investments for personal gain.