Here are the key elements of fiduciary duty in the United States:
- Duty of loyalty: Fiduciaries must act in the best interest of the beneficiary rather than serving their own interests. They cannot profit from their position without full disclosure and consent.
- Duty of care: Fiduciaries must handle the beneficiary's affairs with the same level of care, skill, prudence and diligence that a reasonable person would use. They are liable for negligent actions.
- Duty of obedience: Fiduciaries must act within the scope of the fiduciary relationship and not engage in activities that violate the trust placed in them.
- Duty of utmost good faith: There must be honesty, integrity