fiduciary relationships

A fiduciary relationship is a legal and ethical bond between two parties where one party, the fiduciary, is entrusted to act in the best interest of the other party. This often occurs in situations like a lawyer and their client, or a trustee and the beneficiaries of a trust. The fiduciary has a duty to prioritize the well-being of the other party, avoid conflicts of interest, and act with loyalty and care. Breaching this duty can lead to legal consequences, as it undermines the trust placed in the fiduciary.