Today's Word "Fiduciary"
Published in Vocabulary
fiduciary \feh-DU-shi-e-ri\ (adjective) - 1 : Holding or overseeing something in trust. 2 : Of or related to a trust, trustee or trusteeship, as a fiduciary relationship to a minor or a fiduciary institution that manages financial assets. 3 : Depending on public trust or securities for its value, as a fiduciary issue of currency.
"My grandmother left me her Ferrari in her will but she also left a fiduciary testament naming my father as trustee of the key until I'm fifty-five."
Today's word comes from Latin fiducia "trust, confidence." This word is based on fides "faith, trust," the source of "Fido," the default name of our faithful friend, the dog. The original root was *bheidh-, which came into English as bide "to await, to expect," as to bide one's time, as well as abide "to tolerate." Since the US stopped backing its currency with gold in 1971, US currency has been fiduciary, dependant on the trust of those who use it to maintain its value. Otherwise, this word refers to a trusteeship or guardianship over objects of value.
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