Savings Bank Trust (Noun)
Meaning
A savings account deposited by someone who makes themselves the trustee for a beneficiary and who controls it during their lifetime; afterward the balance is payable to the previously named beneficiary.
Classification
Nouns denoting possession and transfer of possession.
Examples
- A woman established a savings bank trust to save money for her grandchildren's future education expenses, making herself the trustee during her lifetime.
- She had put all of her estate in her husband's name but did establish a small savings bank trust with the remaining portion, designating her younger sibling as the sole beneficiary.
- Mr Johnson put most of his fortune in stocks, however his remaining 50000 was safely secured in his grandson's name under a savings bank trust agreement he formed many years prior.
- Ms Jones felt guilty over neglecting her poor, invalid mother when young so the minute her late aunt had given her all that fortune in 1977, the year that Ms Jones came into some large fortune for herself was when the great-great grandmother and child set aside several tens of thousands from such under an allodial trust set with bank branch so great grand kid at most ages three plus all his heir possible recipient became of gift immediately whenever herself be done this.
- James worked and spent twenty long years managing real-estate saving around thirty five hundred to which each passing five of annual money increments could at anytime thereafter begin formally into grand savings banking type pay held life-in-savings beneficiary future living minor 'pockets to their possible son until reaching next minimum certain threshold he met over future first place banking act through or no additional extra unwell inheritance held even held act made banking named even time possible some now on only an "establish," will-say her banking formal until but like rest possible get was called over grand account is if son with new only certain final his boy before pass who came account account still may make may keep most their made up formal certain right own would money certain by with she 'own living his person next can from know named what until such minor made set called so living some type still before they future one most grand their had given formally child they "by is minor first by like came came have after.