FIDUCIARY DEFINITION

n. Latin meaning "trust." Refers to a business or person who may act for another with total trust, good faith, and honesty who has the complete confidence and trust of that person. The fiduciary has more knowledge and expertise about the matters being handled and is held to a higher standard of conduct and trust than a stranger or a casual business person. Conflicts of interest must be avoided where the fiduciary's interests are not in the best interest of the person who trusts him/her/it.