Introduction. The problem of proper regulation and admissibility of the existence of different models of management of other people’s property in the system of Russian legislation is debatable, which is caused, among other things, by different approaches to understanding and using legal concepts and mechanisms. The purpose of the research is to rethink the understanding of the constructions of trust (fiduciary) relations and management of other people’s property in order to determine the main legal guidelines of the concept of trust property management, taking into account the prospects of expanding the sphere of property management and improving the mechanism of legal regulation. Methods. The research was conducted by cognizing the place of the institute of trust management of property in static and dynamic projection through the prism of the current legislation and analysing actual researches of scientists with the use of methodology based on structural-functional approach. Results. In the sphere of trust management of other people’s property it is expedient to use such legal instruments, which provide wide opportunities in regulation of relations, the basis of which are fiduciary ties. Directly qualification of legal relations of the parties, which actually take place at management of another’s property as an obligation or as a proprietary right is conditioned not by the fact of transfer of property and its management, but by the legal principle of realisation of rights, which is the basis of such alternative.