Beneficial owner is a legal term where specific property rights ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary (2nd Pocket ed. 2001 pg. 508). This often relates where the legal title owner has implied trustee duties to the beneficial owner. A common example of a beneficial owner is the real owner of funds held by a nominee bank or for stocks held in the name of a brokerage firm.