Compare this with a "beneficial interest", where a beneficiary has an interest in a thing ("res" ) (such as a trust or estate) but does not own the underlying property. Black's Law Dictionary (2nd Pocket ed. 2001 pg. 64. This usually entitles the beneficiary to some of the income from the underlying property.
Also, compare this to beneficial owner 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. For example companies often hold stocks or bank funds in their name for the benefit of a person.