fiduciaryn.
Reviewed by Owen Hathaway, AttorneyUpdated June 4, 2026A person legally required to act in someone else's best interest, with duties of loyalty and care. It is the highest standard the law imposes.
A fiduciary is a person or entity entrusted to act for the benefit of another, bound by duties of loyalty, good faith, prudence, and care. Trustees, personal representatives, agents under powers of attorney, guardians, and conservators are all fiduciaries.
Fiduciary duty is the strictest standard the law imposes on a relationship. A fiduciary must put the beneficiary's interests ahead of their own, avoid conflicts and self-dealing, keep accurate records, and account for their actions.
Fiduciary standards in Colorado are spread across the probate, trust, and power-of-attorney provisions of C.R.S. Title 15; Wyoming's equivalents appear in Titles 2, 3, and 4. Breach of fiduciary duty can lead to personal liability and removal in both states.
Related terms
- personal representativeThe person appointed to settle a deceased person's estate such as gathering assets, paying debts, and distributing the rest. Older terms are executor (with a will) and administrator (without).
- conservatorA person a court appoints to manage the finances and property of someone who can't manage their own, distinct from a guardian, who handles personal care.
- successor trusteeThe person or institution that takes over running a trust when the original trustee dies, resigns, or becomes unable to serve.
- trusteeThe person or institution that holds and manages trust property under the trust's terms, for the benefit of the beneficiaries.