Fiduciary responsibilities refer to the legal and ethical obligations that one party has to act in the best interest of another. This often occurs in relationships where trust and reliance are established, such as between a trustee and a beneficiary, or a financial advisor and their client. The fiduciary must prioritize the interests of the other party above their own and avoid any conflicts of interest. These responsibilities include duties like loyalty, care, and full disclosure. A fiduciary must provide accurate information and make decisions that benefit the other party, ensuring transparency and accountability in their actions. Failure to uphold these duties can lead to legal consequences.