A fiduciary, derived from the Latin term for “trust”, is a person owing a fiduciary duty to another. When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else financially....
elder law
fiduciary duty
Overview
When someone has a fiduciary duty to someone else, the person with the duty must act in a way that will benefit someone else financially.
The person who has a fiduciary duty is called the fiduciary, and the person...
fiduciary relationship
A relationship in which one individual owes another a fiduciary duty to act in the other’s interest. Certain interactions may give rise to a fiduciary relationship, regardless of the parties’ intent. For example, Restatement Third of Agency § 8.01...
fixed trust
Fixed trusts (also known as non-discretionary trusts) are trusts where the trustor specifies how the assets are to be distributed exactly. Trustees in a fixed trust must manage the assets for financial success, but they do not have the...
forced share
Forced share (also called elective share) refers to the amount state laws entitle a spouse or other person to regardless of what is in a will. Usually, forced share will refer to the amount a person will be able to receive when their spouse...
guardian
Guardians are legal representatives appointed by a court to take care of individuals who are unable to take care of themselves. The person for whom a guardian is appointed is referred to as the ward. Wards can be either minor children or...
guardian ad litem
A guardian ad litem (GAL) is a person appointed by a court to look after and protect the interests of someone who is unable to take care of themselves, typically a minor or someone who is determined to be legally incompetent. They are...
guardian of the estate
Guardian of the estate refers to a type of guardianship where the court appoints a guardian to manage the finances of an individual. This type of guardian may be appointed for children, incapacitated adults, or spendthrifts in some...
guardian of the person
Guardian of the person is a type of guardianship where the guardian manages the personal affairs of the child, elderly person, or incapacitated individual such as medical needs, nutrition, rent, and transportation. Guardianship of the person...
guardianship
Guardianship refers to the legal role given to an individual to manage the personal activities (guardian of the person) or resources of another person (guardian of the estate) who cannot properly do so on their own. Guardianship often is used...