Within each record type, you may notice that it can be Assigned to another User or Team.
It is on the top ribbon:
It can be useful when the owner of a record wants to Assign the ownership to another user.
As an example, you have a leaver and want to then bulk Assign their records to another User:
The following box appears:
Select the User or Team you wish to Assign to.
You will also see on the Timeline that at the end of each entry, there is an icon where the entry can be Assigned to another user.
This is particularly useful for Activities such as Tasks, if you want to Assign a task to a member of your Team to complete.