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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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50% - Moderately

Fiduciary


Synonyms:agent, curator, custodian, depositary, executor, trustee
Filed Under: estate-management, financial-banking, legal-contracts
Tags: banking, contract, legal, life insurance
 

Definition of fiduciary

fiduciary
1. An individual, company or association responsible for managing someone else's assets. Fiduciaries include executors of wills and estates, trustees, receivers in bankruptcy and those responsible for managing the finances of a minor.

Related Terms and Acronyms:

  • bankruptcy (BK)   A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • bankruptcy trustee   A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • informal trust   Also known as in-trust account or "bare" trust, this is an investment account registered in an adult's name in trust for a child. The account is used to save/invest funds for a child, and the funds must be reserved for and used by the beneficiary child.
  • probate sale   Sale of property after the death of the owner, supervised by a court, with proceeds divided among creditors and heirs.
  • sprinkling provision   A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
  • survivorship   The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
  • trust   A fund established like a will, specifying how money or property will be disbursed, lists the recipients or beneficiaries and names one or more trustees to manage the assets. An irrevocable trust can't be changed after the terms are finalized; a revocable trust has more legroom in how much can be transferred, but is usually costlier to maintain.
  • trust company   A company that acts as a trustee (an entity that controls financial assets on the behalf of another).
  • will   A document that states what must be done with a person's estate after his or her death.

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