![]() ![]() Informal relationships, on the other hand, arise from the facts and circumstances of the situation. What Are Informal Fiduciary Relationships? The specific list of fiduciary duties will vary (and may increase) based on the type of relationship at hand, but every fiduciary owes these general duties to the beneficiary.Įxamples of formal relationships include business partnerships, the attorney-client relationship, the relationship between an agent to his or her principal, the duty corporate officers and directors owe to the corporation, those acting together within the scope of a joint venture, executors and trustees as administrators of an estate or trust, and the typical employer/employee relationship.
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