Fiduciary Literacy Checklist | Kelly Legacy Institute

Do you understand the basic elements of a fiduciary duty (loyalty, care, good faith, disclosure)?

Can you distinguish between a fiduciary relationship and an arm’s‑length contract?

Do you know what “notice and cure” means in procedural fairness?

Do you maintain a contemporaneous written record of decisions made as a fiduciary?

Can you identify at least three common breaches of fiduciary duty (e.g., self‑dealing, conflict of interest, failure to disclose)?

Do you know what equitable remedies are available for a breach of trust?

Have you reviewed the governing instrument (trust, will, or charter) that defines your authority and limits?

Do you know the difference between a procedural error and a substantive violation?

Have you ever sought independent legal or financial advice when a conflict arose?

Can you articulate what “accountability” means in the context of trust administration?