Ark. Code R. 26-51-102 - 3(8) (1997) - Fiduciary

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.