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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
A fiduciary duty is one of complete trust and utmost good faith. While fiduciaries take legal title to assets, the assets do not belong to them. Rather, legal title allows fiduciaries to administer and manage the assets for a temporary period and for a specific purpose.