It Is Not Always Clear That Someone Acted as a Fiduciary?
There is often a question of whether someone owed another a fiduciary duty. There are some cases where there is an established fiduciary relationship. For example, if one has established a trust and appoints a trustee, the trustee owes fiduciary duties to the beneficiaries. An executor of a will owes duties to the beneficiaries of the will. Other people may take on a fiduciary duty by virtue of their position. For example, in a closely-held company, the majority shareholder owes fiduciary duties to the minority shareholders. When a company appoints directors, they owe fiduciary duties to the shareholders.