One can define fiduciary responsibility as the legal duty to care for another person's finances and/or assets. A fiduciary duty only exists in a relationship involving an uncommon amount of trust; for instance, a trustee owes a trust's beneficiaries a fiduciary duty, just as an investment advisor owes his or her clients a fiduciary duty. Generally, a fiduciary duty is composed of the duty of due care, meaning that one must act reasonably under the circumstances, and the duty of loyalty, in that one must act solely in the interests of the person(s) for which he or she is acting as a fiduciary. A fiduciary duty is considered to be one of the highest duties under the law, in terms of the responsibilities, as well as the potential liability inherent in the fiduciary relationship. Ultimately, a person who violates a fiduciary duty may be liable under state and federal laws for the violation, especially if the violation results in damages to another person.