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Fiduciary Relationship – where one person is under a duty to act with a high degree of care (the fiduciary) for the benefit of another (the beneficiary) on matters within the scope of the relationship.

Fiduciary – someone who owes to another the duties of good faith, loyalty, due care, & disclosure in managing another’s money or property.

Beneficiary – someone who is designated to receive something as a result of a legal arrangement or instrument.

Guardian – someone who has the legal authority and duty to care for another’s person or property, especially because of the other’s infancy, incapacity, or disability.

Ward – a person, usually a minor, who is under a guardian’s charge or protection.

     Much as a parent owns and manages the estates of their children, a guardian owns and manages the estate of a ward so as to act in the child’s best interest.

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[1] Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black & Editor in Chief Bryan A. Garner. ISBN: 978-0-314-62130-6