Who holds legal title to property and serves a fiduciary duty to benefit another?

The individual who holds legal title to property and serves a fiduciary duty to benefit another is a trustee. A trustee is appointed to manage assets held in a trust for the benefit of the beneficiaries. This role comes with significant responsibilities, including the obligation to act in the best interests of the beneficiaries, maintain accurate records, and ensure that the trust’s terms are carried out.

Trustees have the authority to make decisions regarding the management of the property and must exercise prudence and loyalty in their duties. Their fiduciary relationship emphasizes the importance of trust and responsibility in managing the assets, distinguishing them from other roles like guardians, who may take on a different set of legal responsibilities toward individuals who need protection or support, but do not necessarily manage property in the same fiduciary capacity.

The term conservatee refers to a person who has had a guardian appointed to manage their personal and financial affairs but does not hold legal title to property themselves. A beneficiary is someone who benefits from the trust or the assets managed by the trustee but does not have legal control over those assets. Understanding these distinctions clarifies the specific role of a trustee in managing and benefiting another party.