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Difference between revisions of "Glossary for Managing Someone Else's Money"
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Glossary for Managing Someone Else's Money (view source)
Revision as of 04:18, 20 March 2018
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;Fiduciary: A legal relationship where one person has an obligation to act for another's benefit. | ;Fiduciary: A legal relationship where one person has an obligation to act for another's benefit. | ||
;Fiduciary duties: Duties the law places on a fiduciary. For example, the fiduciary must act honestly, in good faith and in the best interest of the beneficiary. | ;Fiduciary duties: Duties the law places on a '''fiduciary'''. For example, the fiduciary must act honestly, in good faith and in the best interest of the beneficiary. | ||
;General power of attorney: A power of attorney that gives general powers to the attorney for an unlimited period of time while the adult is mentally capable of managing their own affairs. It ends if the adult becomes mentally incapable. | ;General power of attorney: A power of attorney that gives general powers to the attorney for an unlimited period of time while the adult is mentally capable of managing their own affairs. It ends if the adult becomes mentally incapable. | ||