§ 39 Definition Of Fiduciary

This law tells you who is considered a fiduciary – basically anyone who legally handles someone else's money or affairs.

Key Takeaways

•A fiduciary can be a personal representative, trustee, guardian, conservator, attorney‑in‑fact, custodian under the California Uniform Transfer To Minors Act, or any other legal representative.
•Anyone listed in the definition must follow the rules that apply to fiduciaries in this code.
•The definition has been in effect since January 1 1998.

Example

A parent sets up a trust for their child and hires a trustee to manage the money until the child turns 18.

Because the trustee is named in the trust, the law says the trustee is a fiduciary and must act in the child's best interest.

“Fiduciary” means personal representative, trustee, guardian, conservator, attorney-in-fact under a power of attorney, custodian under the California Uniform Transfer To Minors Act (Part 9 (commencing with Section 3900) of Division 4), or other legal representative subject to this code. (Amended by Stats. 1997, Ch. 724, Sec. 2. Effective January 1, 1998.)

This law tells you who is considered a fiduciary – basically anyone who legally handles someone else's money or affairs.

Key Takeaways

•A fiduciary can be a personal representative, trustee, guardian, conservator, attorney‑in‑fact, custodian under the California Uniform Transfer To Minors Act, or any other legal representative.
•Anyone listed in the definition must follow the rules that apply to fiduciaries in this code.
•The definition has been in effect since January 1 1998.

Example

A parent sets up a trust for their child and hires a trustee to manage the money until the child turns 18.

Because the trustee is named in the trust, the law says the trustee is a fiduciary and must act in the child's best interest.

Key Takeaways

Example

Key Terms

References

§ 39 Definition Of Fiduciary

Key Takeaways

Example

Key Terms

References

Key Takeaways

Example

Key Terms

Related Statutes

References

Key Takeaways

Example

Key Terms

Related Statutes

References