What Is A Fiduciary Relationship?

Though a John Grisham novel can be highly entertaining, the terms used are not always explained in full. The fiduciary relationship is an important descriptor for the legal world, but the term can be confusing without the proper context. Jeffrey L. Hartman sat down to give a little more information on the fiduciary relationship, and how it might affect each of us.

When we place our trust in someone to look after our best interests, that person has become a fiduciary. The lawyer-client relationship is just one example. Other examples of fiduciary relationships often include accountants, financial advisors, doctors, and even teachers.

The important thing to remember is that a fiduciary party is one that has been given certain responsibilities, which they are obligated to carry out on behalf of the trusting party. By neglecting these responsibilities, they would become liable for specific damages.

As Mr. Hartman has explained, each case will be unique. Your best option, if you ever feel that you were taken advantage of, is to speak to your lawyer about the available options. Never let yourself fall victim to a person you were supposed to trust.

Thank you to Adam Basterfield, singer-songwriter, multi-instrumentalist and composer from Victoria, BC, for the use of his composition for our telephone system.
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