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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.

Synonyms

  • Savings Bank Trust
  • Trustee Account
  • Savings Account Trust
  • Totten Trust

Hypernyms

  • Trust
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