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Successor Fiduciary Law and Legal Definition. Successor fiduciary is the next person or organization appointed when a vacancy arises in a conservatorship or guardianship. The vacancy may arise due to aguardianâs death, removal, or resignation. Legal Definition list
In general terms, a fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity.For retirement plans, the law defines the actions that result in fiduciary duties and the extent of those duties.n general terms, a fiduciary is a person who owes a duty of care and trust to another and must act primarily for the benefit of the other in a particular activity.