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Know how many questions to expect in a section. There are about 500,000 buffalo in North America...and I expect to see each one of them at the next family reunion. (Uncle Abe, I'm looking at you.)

Fiduciary Accounts

Fiduciary Accounts

It’s also possible to have accounts where you are acting for somebody else’s benefit. If that’s the case, you are acting as a fiduciary. Fiduciary is a legal term, and it can have different meanings depending on the circumstances, but for Shmoop purposes it’s somebody who is required to act in the beneficiary’s best interest, even if that would be economically damaging to the fiduciary. If a husband’s wife and her sisters had inherited $50,000 from a distant uncle who struck it rich ...

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