Which document typically outlines a fiduciary's duties and responsibilities?

The correct answer is the fiduciary agreement, as this document is specifically crafted to define the duties, responsibilities, and expectations of the fiduciary. It serves as a comprehensive outline that clarifies the fiduciary's obligations to act in the best interest of the beneficiaries, uphold confidentiality, and avoid conflicts of interest, among other critical duties.

A trust deed, while it does establish a trust and outlines the powers of the trustee, does not typically elaborate on the complete spectrum of the fiduciary's responsibilities in the same way a fiduciary agreement does. The power of attorney grants one individual the authority to act on behalf of another in specific matters, but it does not encompass the broader fiduciary duties that may be detailed in a fiduciary agreement. A last will and testament focuses on the distribution of a person's estate after death and does not address the operational responsibilities of a fiduciary in managing assets during a person's lifetime. Thus, the fiduciary agreement is essential for defining the fiduciary's role and obligations clearly.