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Difference between revisions of "Four Key Duties of a Fiduciary"
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Four Key Duties of a Fiduciary (view source)
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{{REVIEWEDPLS | reviewer = [[Kevin Smith]]|date= January 2018}}{{Managing Someone Else's Money TOC}}In the role of attorney under a power of attorney, you are a fiduciary. A fiduciary is someone who is in a position of trust toward another person. The law places duties on the fiduciary. | {{REVIEWEDPLS | reviewer = [[Kevin Smith]]|date= January 2018}}{{Managing Someone Else's Money TOC}}In the role of attorney under a power of attorney, you are a fiduciary. A fiduciary is someone who is in a position of trust toward another person. The law places duties on the fiduciary. When your friend Martina names you attorney under her enduring power of attorney, you must: | ||
# Act honestly, in good faith and in | # Act honestly, in good faith and in Martina's best interest. | ||
# Manage | # Manage Martina's money and property carefully. | ||
# Act within the authority you are given and within the law. | # Act within the authority you are given and within the law. | ||
# Keep good records. | # Keep good records. | ||
==Duty 1. Act honestly, in good faith and in | ==Duty 1. Act honestly, in good faith and in Martina's best interest== | ||
Under [http://canlii.ca/t/849l the law], you must act honestly and in good faith. Because Martina has placed trust and confidence in you and has given over power to you, the law imposes a duty on you to honour that trust. | |||
[[File:Managing Someone Else's Money-Contents-1.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | [[File:Managing Someone Else's Money-Contents-1.jpg|thumb|275px|right| link=| <span style="font-size:50%;">Image via www.istockphoto.com</span>]] | ||
In managing and making decisions about Martina’s affairs, you must act in her '''best interests'''. This means that you must make decisions that are best for her. You must ignore your own interests and needs, or the interests and needs of other people. | In managing and making decisions about Martina’s affairs, you must act in her '''best interests'''. This means that you must make decisions that are best for her. You must ignore your own interests and needs, or the interests and needs of other people. | ||