FIDUCIARIES Meaning and
Definition
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Fiduciaries are individuals or entities who have been entrusted with the responsibility of acting in the best interest of another party or parties, based on a position of trust and confidence. Often, fiduciaries are appointed to manage and administer assets, funds, or property on behalf of the beneficiaries or owners.
The role of fiduciaries requires them to exercise utmost care, loyalty, and honesty in fulfilling their duties. They are obligated to put the interests of the beneficiaries before their own and make decisions that align with the beneficiaries' objectives. Fiduciaries are expected to act with prudence, skill, and diligence, ensuring that their actions are reasonable and well-informed.
Common examples of fiduciaries include trustees, who manage trust funds for the benefit of beneficiaries, and executors or administrators, who oversee the distribution of an estate according to the wishes of the deceased. Other instances where fiduciaries may be appointed include financial advisors, attorneys, guardians, and corporate officers.
Due to the fiduciary duty owed, fiduciaries are held to a higher standard of responsibility and can be legally liable for any breaches of their duties. This may include mismanagement of assets, conflicts of interest, or any acts that demonstrate a lack of loyalty or trustworthiness.
Overall, fiduciaries play a crucial role in safeguarding the interests of others, ensuring that their entrusted assets are managed diligently, honestly, and in accordance with their wishes.
Top Common Misspellings for FIDUCIARIES *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for FIDUCIARIES
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Etymology of FIDUCIARIES
The term "fiduciaries" comes from the Latin noun "fiducia", which means "trust" or "confidence". The word is derived from the verb "fido", which means "to trust" or "to rely upon". "Fiduciaries" is the plural form of the noun "fiduciary", which refers to a person or entity that is in a position of trust and confidence, often entrusted with managing finances or property on behalf of others.
Similar spelling words for FIDUCIARIES
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