Trust Account (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
- The grandmother set up a trust account for her granddaughter's education expenses, naming herself as the trustee.
- He created a trust account for his nephew's future, depositing a portion of his own savings each month.
- The trust account was established by the father for his son's inheritance, with instructions to distribute the funds when he turned 25.
- The lawyer helped the client set up a trust account for her disabled sister, ensuring her financial well-being after her own passing.
- The trust account was funded by the aunt for her niece's wedding expenses, with the balance to be paid out on her 30th birthday.