Fiduciary
Fiduciary
Fiduciary (pronunciation: /fɪˈdjuːʃiˌɛri/) is a term derived from the Latin word fiducia, meaning "trust". It is used to describe a person or entity that holds a legal or ethical relationship of trust with one or more other parties (often a person or group of persons).
Roles and Responsibilities
Typically, a fiduciary prudently takes care of money or other assets for another person. The fiduciary's responsibilities include, but are not limited to, managing assets, making decisions in the best interest of the client, and acting with a high standard of care and loyalty.
Types of Fiduciaries
There are several types of fiduciaries, including trustee, executor, administrator, and guardian. Each of these roles carries with it specific duties and responsibilities, and all are bound by the overarching principle of acting in the best interest of the person or entity they represent.
Fiduciary in Healthcare
In the context of healthcare, a fiduciary is often a healthcare provider who makes medical decisions on behalf of a patient. This can include doctors, nurses, and other healthcare professionals. They are expected to act in the best interest of the patient, providing care and treatment that is in line with the patient's wishes and best health outcomes.
Fiduciary Duty
The term fiduciary duty refers to the legal obligation of a fiduciary to act in the best interest of the person or entity they represent. This duty is the highest standard of care in equity or law. A breach of fiduciary duty can result in legal liability.
See Also
External links
- Medical encyclopedia article on Fiduciary
- Wikipedia's article - Fiduciary
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