Glossary - Fiduciary



In the context of the role of the executor, fiduciary generally refers to the relationship an executor has with the estate of the deceased. This is a relationship of trust. A person with fiduciary responsibility to the estate must act in good faith. If a fiduciary does not act in good faith, betraying the trust placed in him or her by the estate, he or she might be held personally liable and face penalties determined by the court.