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Michigan Account of Fiduciary...

Michigan Account of Fiduciary, Short Form

Name: Michigan Account of Fiduciary, Short Form
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.68 (414 reviews)

Category:

Michigan Probate - Statewide - Fiduciaries

State:

Michigan

Control #:

MI-PC-583

Format:

Instant download

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Public form

Description

This Account of Fiduciary is an official document from the Michigan State Court Administration Office, and it complies with all applicable state and Federal codes and statutes. USLF updates all state and Federal forms as is required by state and Federal statutes and law.

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FAQ

The three fiduciary responsibilities of all board directors are the duty of care, the duty of loyalty and the duty of obedience, as mandated by state and common law. It's vitally important that all board directors understand how their duties fall into each category of fiduciary duties.

What Are Some Examples of Fiduciary Duty?A lawyer and a client are in a fiduciary relationship, as are a trustee and a beneficiary, a corporate board and its shareholders, and an agent acting for a principal. However, any individual may, in some cases, have a fiduciary duty to another person or entity.

A fiduciary is a person who holds a legal or ethical relationship of trust with one or more other parties (person or group of persons). Typically, a fiduciary prudently takes care of money or other assets for another person.

A fiduciary deposit account is an account set up by someone for another person, who actually owns the money. The one who sets up the account and manages it is known as the fiduciary, while the owner of the money is known as a principal.

A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other's best interests.

The Fiduciary must be eligible for Membership. Legal documentation must be furnished before the account can be opened. A Fiduciary Account is opened using the Social Security Number of the individual who owns the funds or the Tax I.D. A Check Card or ATM card can be issued in the Fiduciary's name only.

Fiduciary(n.) Synonyms: trustee, depositary. Synonyms: confident, undoubting, trustful, fiducial. Synonyms: trusty, not to be doubted. Synonyms: held in trust, in the nature of a trust.

Michigan Account of Fiduciary, Short Form

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