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LSDefine

Simple English definitions for legal terms

fiduciary

Read a random definition: fidepromission

A quick definition of fiduciary:

A fiduciary is someone who has a responsibility to act in the best interest of someone else. This means they must make decisions that will benefit the other person financially. When someone has this responsibility, it creates a special relationship called a fiduciary relationship.

A more thorough explanation:

Definition: A fiduciary is a person who has a legal obligation to act in the best interest of another person or entity. This obligation is known as a fiduciary duty. When someone has a fiduciary duty to someone else, they must act in a way that will benefit the other person financially.

For example, a financial advisor has a fiduciary duty to their clients. This means that they must act in the best interest of their clients when making investment decisions. They cannot make decisions that benefit themselves at the expense of their clients.

Another example is a trustee of a trust. The trustee has a fiduciary duty to the beneficiaries of the trust. They must manage the assets of the trust in a way that will benefit the beneficiaries.

These examples illustrate the definition of a fiduciary because in both cases, the person with the fiduciary duty must act in a way that benefits someone else financially. They cannot act in their own self-interest or make decisions that harm the other person or entity.

fictitious name | fiduciary duties of trustees

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General

General chat about the legal profession.
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got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
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