A beneficiary is the person(s) who receive the assets of an estate after all debts are satisfied. Also, the person(s) named as Transfer on Death (TOD) on Merrill records. A fiduciary is a person who has been entrusted with the responsibility to manage the assets or rights of another person. A fiduciary may also be referred to as a guardian, conservator, executor, administrator, trustee, representative payee, custodian or, in some cases, an attorney-in-fact (agent).