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Sunday, February 26, 2012
What Does Fiduciary Mean?
Fiduciary is a term in estate planning that connects a person who is acting on another's financial behalf. Usually it is coupled with "responsibility". When explaining it to clients who are executing powers of attorney for finance, I explain that the person they are appointing to act for them has a duty or responsibility to acting reasonably. Essentially, if they are managing the money, they should not run off to Las Vegas with it.