Fiduciary Duties In South Carolina

Summary

The South Carolina Code of Laws defines a fiduciary as someone managing anothers money, with duties like loyalty and care. The SC Supreme Court has further clarified these duties in various cases. An attorney-in-fact under a durable power of attorney is considered a fiduciary and must adhere to these responsibilities. For specific concerns, consulting a local attorney is advisable.

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Does the south carolina code of laws updated through * define fiduciary? What is the definition? where can it be found?
The South Carolina Code of Laws defines a fiduciary as a person who has the legal responsibility of managing someone else's money. The relevant definition can be found in Title *, Article * of the South Carolina Probate Code.
Do you have any specific concerns about fiduciary duties?
That does not give duties of a fiduciary
Understood, ****. Here are some general fiduciary duties under South Carolina law:
- Duty of Loyalty: Acting in the best interest of the beneficiary.
- Duty of Care: Managing assets prudently.
- Duty to Inform: Keeping beneficiaries informed.
- Duty to Account: Maintaining accurate records.
Do you have a specific situation or concern regarding these duties?
has the sc supreme court defined fiduciary
Yes, the South Carolina Supreme Court has provided definitions and interpretations of fiduciary duties in various cases. Generally, a fiduciary is someone who acts on behalf of another, putting the beneficiary's interests above their own.
Do you have a specific case or situation in mind that involves fiduciary duties?
An attorney in fact under a durable POA
Okay, ****. An attorney-in-fact under a durable power of attorney (POA) in South Carolina is considered a fiduciary and must adhere to the duties of loyalty, care, informing, and accounting.
Do you have a specific concern regarding the actions of an attorney-in-fact under a durable POA?