Fiduciary Relationship Legal Meaning and Definition

Here is a simplified definition of the legal term Fiduciary Relationship.

Fiduciary Relationship (noun): This refers to a relationship in which one party (the fiduciary) is trusted to act in the best interest of another party. This comes about not necessarily from a formal or legal agreement, but rather from the fact that the fiduciary possesses superior knowledge or ability. This higher skill level means they're trusted to manage and oversee the other party's affairs or transactions.