Fiduciary

A Fiduciary is an individual or entity with the legal responsibility, called a fiduciary duty, to act in the best interests of another party, called the Principal or Beneficiary. The fiduciary can be held legally liable for breach of their fiduciary duty.

Actions taken by the fiduciary should done in isolation from the actions they take as an individual. For example, the fiduciary should keep their personal financial accounts separated from the Principal’s accounts and maintain a record of all actions they take on behalf of the Principal.