3.26 Ark. Code R. 51-102(8)
Current through Register Vol. 49, No. 10, October, 2024
Fiduciary Return -- AR1002
Extension of Time -- AR1055
A person having a duty, created by his undertaking, to act primarily for another's benefit in matters connected with such undertaking. A fiduciary relationship is considered one of trust and confidence. A fiduciary has a legal responsibility to act in the beneficiary's (or beneficiaries') best interest. The term "fiduciary" means a guardian, trustee, executor, administrator, receiver, conservator, or any person acting in any fiduciary capacity for any other person. IRC Sec. 7701(a)(6). A trustee, for example, possesses a fiduciary responsibility to the beneficiaries of a trust to follow the terms of the trust and the requirements of applicable state law.
3.26 Ark. Code R. 51-102(8)