Fiduciary Account
/ˌfɪdʊʃiˈɛri əˈkaʊnt/
Definitions
- (n.) An account held by one party (the fiduciary) to manage assets for the benefit of another (the beneficiary) under a legal or ethical obligation of loyalty and care.
The trustee maintained a fiduciary account to safeguard the beneficiaries' funds.
Forms
- fiduciary account
- fiduciary accounts
Related terms
See also
Commentary
Fiduciary accounts must be managed with strict adherence to the duty of loyalty and prudence, ensuring clear separation from personal assets.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.