When I go to the doctor I wonder why medicine uses so many terms I don’t understand. Then, I look in the mirror, as many legal terms have no evident meaning for lay people. Herewith, some terms and their meanings.
Fiduciary is an adjective and a noun, used to describe a relationship a special trust. In certain circumstances the law establishes a fiduciary duty. For example, trustees owe to trust beneficiaries a fiduciary duty, attorneys have a fiduciary relationship with their clients, and partners owe to one another a fiduciary duty. Board members also owe to nonprofits a fiduciary duty. Translation? The terms of the duty vary, depending on the relationship, but they include duties of loyalty, care, and honesty.